''..It is hard to avoid the conclusion that Irish interests are being sacrificed to the larger cause of saving the euro. The IMF suggests the need for banking crisis resolutions "ultimately allowing losses to be borne by creditors rather than taxpayers". German chancellor Angela Merkel said last November that bank bondholders should take the hit when a country is in trouble. The EU intends to make sure this happens – after 2013. Why should the opposite policy apply for Ireland?
The regime being imposed on Ireland is utterly unrealistic. A depressed and deeply indebted economy with just 1.8 million people at work cannot underwrite private banking liabilities of €200bn (135% of GDP). The parties that will form the new government promised to renegotiate the deal with the IMF/EU. If democracy and European solidarity are to mean anything, they should get a sympathetic and fair-minded hearing..''
The Observer
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