Screw the Irish Tax Payers!

Irish taxpayers should not complain about having to bailout the country's crisis-hit banks,  according to ECB executive board member Lorenzo Bini Smaghi. In an opinion piece in today's Financial Times,  Mr Bini Smaghi said Ireland's taxpayers should foot the bill as they are the ones that benefited during the pre-crisis boom years and elected the governments that regulated the banks as the problems built. "The principle of 'no taxation without representation' should work both ways. If taxpayers have the right to share in decision-making, they must also accept the consequences," Mr Bini Smaghi wrote.

Mr Bini Smaghi should have researched his opinion piece more thoroughly as it is obvious to anyone with a brain that the vast majority if Irish tax payers did not benefit from the Celtic Tiger boom, unless you call being landed with massive debts and houses that are worth a fraction of the buying cost benefiting.

Mr Smug

Its clear to everyone, including our friend Bini Smaghi, that a small elite were the only ones to benefit from the Celtic Tiger, that this elite compromised the nations future by being completely blinded by their own greed and that this elite wont now pay their fair share towards rebuilding the country so the only option is to screw the people who are not part of the elite.

This is not the first time that the Italian economist has stuck his nose into Irish affairs. In January of this year, Bini Smaghi had the following pop at the Irish Tax Payer.
“WHEN THERE are people who say that the Irish taxpayers are suffering from the problems created by the banking system, I would remind that for many years the Irish taxpayers benefited from that system,” he says.

“Democracies have to be accountable and consistent with their own choices. I don’t think anybody outside Ireland should tell Ireland what to do, but you should not complain if now you have to increase taxes as a result of the choice of economic model the Irish people made.”

€24 Billion more for Banks while nation stands on brink of collapse

The final bill for bailing out Ireland’s banks will be €70bn after stress tests by the Central Bank in Dublin detailed that four institutions need another €24bn.

 

Central Bank Governor Patrick Honohan said AIB will need €13.3bn, Bank of Ireland will need €5.2bn, the EBS will need €1.5bn while Irish Life and Permanent will need a whopping €4bn, more than double what was expected.

This means that despite the fact that half a million citizens are unemployed, thousands are emigrating and the country is standing on the brink of oblivion; our new government is planning on flushing another €24 billion down the grand toilet that is the Irish banking system.

By going down this path, Fine Gael and Labour are condemning this nation to ultimate default. What they are doing is just as bad as the actions of previous governments and the business elite that led us into this mess.

Despite lavish promises of reform and job creation, the legacy of what will surely be one of the shortest lived governments in this states history will be the willing donation of money that this nation doesn't have to bail out toxic banks. To pay off these unpayable debts, the Fine Gael coalition government will plunge generations of Irish men and women to come into poverty and debt.

 

Is this the change that the people of Ireland voted for a month ago?