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IMF and EU Hammer Ireland: Interest Article

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walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
30/11/2010 06:14

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The terms of the EU/IMF's 85 billion ($113 billion) bailout for Ireland are much worse than analysts had anticipated. Ireland will be required to use its National Pension Reserve Fund (NPRF) to shore up its insolvent banks and to maintain government operations. At the same time, senior debt-holders will not share any of the losses brought on by the banks reckless lending. According to Bloomberg News, "Prime Minister Brian Cowen told reporters there had been no support in talks to ask senior bondholders to lose part of their stake on loans made to Ireland's debt-crippled banks." Thus, 100 percent of the EU/IMF's 85 billion "Financial Rescue Package" will be paid for by Irish taxpayers. http://www.informationclearinghouse.info/article26947.htm



Makes one wonder what on earth is going on? Seems like we are not far off "Big Brother" taking full control!?



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