Madam, – Let me get this straight. There was an Irish banking crisis in which the government of the day guaranteed the losses made on loans by French, German and British banks. The same Irish government then set up a so-called bad bank, following international best practice, in order to cleanse the Irish banks of these toxic loans.
The Irish government then imposed the most stringent austerity measures undertaken by an OECD economy in recorded economic history. All of this done at the behest of the ECB and our so-called European partners to avoid contagion of the problem.
At present our unemployment rate is close to 15 per cent, with emigration returning and our graduates with little hope of obtaining employment. The reward from our so-called European partners? A crippling 6.7 per cent interest rate which they themselves are getting at 2.3 per cent. So while we make cuts, they make profits. So much for European solidarity.
As far as I can see it, we have played by the book and have been played for fools. I agree wholly with Prof Kelly’s analysis and solution to the problem. Let’s cut the banks loose and regain our sovereignty. – Yours, etc,