Iceland Shows the Way Forward for Ireland:Decouple, Default, Devalue and Develop

Iceland’s President, Olafur R. Grimsson, told Bloomberg TV on Friday that his country is better off than Ireland because they allowed the banks to fail two years ago and devalued the krona:

“The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks.”

The Irish bank bail-out is being foisted on them by the EU and the IMF whereas sovereign Iceland let the banks go bust and restructured the financial sector to keep the commercial sector serviced. As a consequence, “Iceland is faring much better than anybody expected” says Grimsson:

“How far can we ask ordinary people – farmers and fishermen and teachers and doctors and nurses – to shoulder the responsibility of failed private banks… That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries.”

Under this plan 20 cents of every euro of Irish taxes will go to pay the interest on the bank bail-out debts. The Irish bail-out plan will cost €54,800 per Irish household. Ireland’s future thus looks a lot more bleak than Iceland’s path of debt default and a devaluation of 60% two years ago which has the country rebounding: exports and manufacturing are growing by 20%, tourism is back near all-time highs, real wages are rising, unemployment is declining sharply, interest rates fell from 18% to 5.5% and the stock market has rebounded 50% from its lows. In contrast this euro-banker’s bail-out will only burden the next generation of Irish who don’t flee with crushing debts not of their making…

Britain and europe should keep their bail-out billions rather than foist them on Irish taxpayers to cover the responsibility for bad investments made by their own private banks. They can use the billions to bail-out their own banks directly if they want, without involving the Irish taxpayers…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Heather Wheeler talks to Burton Mail about her tweet…

“It was a tongue in cheek pop after the European Parliament tweet – it was purely that. I also wanted to congratulate Team GB on a brilliant result and thirdly congratulate the Commonwealth countries who also did very well. Fourth, I am also looking forwarded to establishing new trade agreements. That was it – nothing more. Let’s just enjoy the summer!”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

FARAGE TO TRUMP “I COME TO YOU WITH A MESSAGE OF HOPE AND OPTIMISM” FARAGE TO TRUMP “I COME TO YOU WITH A MESSAGE OF HOPE AND OPTIMISM”
Max Mosley Funds Tom Watson’s 11 Advisers Max Mosley Funds Tom Watson’s 11 Advisers
“JEREMY, JEREMY, JEREMY” “JEREMY, JEREMY, JEREMY”
FANCY A JOB IN DANCZUK’S OFFICE? FANCY A JOB IN DANCZUK’S OFFICE?
TEAM GB SING NATIONAL ANTHEM ON VICTORY JET HOME TEAM GB SING NATIONAL ANTHEM ON VICTORY JET HOME
HOW BRITISH EMPIRE BEATS EU FOR OLYMPIC MEDALS HOW BRITISH EMPIRE BEATS EU FOR OLYMPIC MEDALS
PRCA Complain to Carolyn Harris Over Lobbyist’s Pass PRCA Complain to Carolyn Harris Over Lobbyist’s Pass
Oily Smith the Devolution Dodger Oily Smith the Devolution Dodger
Times Runs Full Page Ad for “China Heroes” Times Runs Full Page Ad for “China Heroes”
SONG FOR JEREMY SONG FOR JEREMY
DROMEY CUTS SHORT ATTACK ON CORBYN TO GREET CORBYN WARMLY DROMEY CUTS SHORT ATTACK ON CORBYN TO GREET CORBYN WARMLY
LABOUR MP GIVES LOBBYIST PARLIAMENTARY PASS LABOUR MP GIVES LOBBYIST PARLIAMENTARY PASS
BILL ETHERIDGE SPEAKS: “IT’S BEEN HARD TIMES” BILL ETHERIDGE SPEAKS: “IT’S BEEN HARD TIMES”
JAMIE OLIVER’S SUGARY, FATTY ADVERTISING HYPOCRISY JAMIE OLIVER’S SUGARY, FATTY ADVERTISING HYPOCRISY
LABOUR CONFERENCE CRISIS TALKS BREAK DOWN LABOUR CONFERENCE CRISIS TALKS BREAK DOWN
BRUTAL TORY ATTACK AD SAYS LABOUR SOFT ON ISIS BRUTAL TORY ATTACK AD SAYS LABOUR SOFT ON ISIS
CORBYN TO ATTEND MOMENTUM EVENT WITH VILE INTERNET TROLL CORBYN TO ATTEND MOMENTUM EVENT WITH VILE INTERNET TROLL
HOW TO MAKE CANADIAN MINING INTERESTING HOW TO MAKE CANADIAN MINING INTERESTING
TORY REPORT CLEARS FELDMAN AND SHAPPS TORY REPORT CLEARS FELDMAN AND SHAPPS
FIRST PICTURE OF BEARDED GOVE FIRST PICTURE OF BEARDED GOVE