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February 2012 Archives

Paying Bondholders and Bankruptcy

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Congratulations are due to the National Treasury Management Agency for creating a diversionary bond swap on the very day that it extracts €1.25 billion from our pockets to repay bonds in a defunct bank.

Any chance that Ireland could avail of the new bankruptcy proposals given that it has an unsustainable level of debt and clearly falls into the "can't pay" category?

Letter published in the Irish Times on 27th January 2012.

Taoiseach at Davos

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Given that we haven't yet had a proper enquiry into the banking crisis, I am not surprised that the Taoiseach resorted to blaming "people" at Davos, reinforcing the image of the Irish as feckless and greedy.

Instead, he should have  been upfront and honest by singling out sections of the establishment and business "elite" including ministers, public administrators, bankers, developers and foreign lenders as the greedy incompetents who "went mad"  and failed the "people". However, this would have probably gone down like a lead balloon with the Davos "elite".

Letter published in the Sunday Business Post on 5th February 2012.

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