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Approach to Bailout is a Disaster

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What part of "disastrous" or "catastrophic" do the Irish Government, EU, ECB and IMF not understand in terms of their approach to Ireland's financial problems? 

Ireland is fighting to retain its Sovereignty against the world's largest financial forces. If Ireland involuntarily defaults the resultant contagion will certainly undermine the euro and EU, and could progressively turn the world's economies into a nuclear wasteland.

Any offer of a minor reduction in the interest rate should be rejected out of hand. Instead, the Government should demand a reduction in the bailout interest to a nominal rate (say, 1%), a payment reschedule spread over decades and an immediate write down of outstanding bank bonds by about 50%. In return, it must adhere to the bailout terms and agree for purely political reasons to a temporary levy of, say, 3% on top of the sacred corporate tax rate.

Letter published in the Sunday Business Post on 15th May 2011. See also Letter to TDs: Take Firm Action or We Default.

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This page contains a single entry by Brian published on May 17, 2011 7:54 PM.

Letter to TDs: Take Firm Action or We Default was the previous entry in this blog.

Default is Inevitable unless .. is the next entry in this blog.

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