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

Emma Barnett asks Barry Gardiner:

“Which Barry Gardiner is telling the truth? The one who speaks in private or the one who’s on TV now?”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
New Peerages New Peerages
Kate Osamor Plagiarises Barack Obama Speech Kate Osamor Plagiarises Barack Obama Speech
Corbyn’s New Peer Martha Osamor Defended Anti-Semites Corbyn’s New Peer Martha Osamor Defended Anti-Semites
Tower Hamlets Labour Council Bosses Award Themselves Vast Pay Rises Tower Hamlets Labour Council Bosses Award Themselves Vast Pay Rises
Corbyn-Backed Lewisham Candidate Loves Castro and Chavez Corbyn-Backed Lewisham Candidate Loves Castro and Chavez
‘Beijing Barry’ Takes £43,000 from China-Linked Firm ‘Beijing Barry’ Takes £43,000 from China-Linked Firm
Bercow Bullying Inquiry Blockers Bercow Bullying Inquiry Blockers
Irish Border Camera Problem Solved Irish Border Camera Problem Solved
Thornberry Talks Up Assad Thornberry Talks Up Assad
Three Labour Lewisham East Candidates Promoted Extremist Imam Three Labour Lewisham East Candidates Promoted Extremist Imam
Bercow Worked With Labour on Humble Address Bercow Worked With Labour on Humble Address
Red Gammon Red Gammon
Labour Drop Punchy Parliamentary Candidate Labour Drop Punchy Parliamentary Candidate
Under 25s More Likely to Say State Taxes and Spends Too Much Under 25s More Likely to Say State Taxes and Spends Too Much
Remainers Tell Aussie Brexiter to Go Home Remainers Tell Aussie Brexiter to Go Home
Starmer Joins Orchestrated Remainer Attempt to Keep Us in Single Market Starmer Joins Orchestrated Remainer Attempt to Keep Us in Single Market
Days Since Ken Last Mentioned Hitler: 0 Days Since Ken Last Mentioned Hitler: 0
Labour Lewisham East Favourite Pulls Out Labour Lewisham East Favourite Pulls Out
Eurovision Stage Invader is Corbynista Eurovision Stage Invader is Corbynista