By David Mc Williams
The new chief economist of the Central Bank stated the obvious last week when he said that there would have to be debt forgiveness on many mortgages that simply can’t be paid. Someone who signed a contract in good faith during boom conditions, when income and the price of the house was rising, simply cannot honour that contract if his income has shrunk and the price of the asset has collapsed. Many tens of thousands of Irish people simply do not have the money to pay the mortgage now and certainly won’t have it when the next round of tax increases are signalled at the Budget.
full article at source: http://www.davidmcwilliams.ie/2012/09/06/lets-forgive-debt-before-the-unforgivable-happens
Most of these so called mortgages were in fact flawed at best or improperly sold to the gullible homebuyers in the first place .The Banks dismissed all caution to the wind and it would seem they had the backing of the financial regulators and the Minister of Finance. Our Banks were showered with cheep money from German and French Banks and Bondholders bought the bonds as they were assured that they were buying a “sure bet “. If everything went wallop they had Friends in Place who would work the magic and all their gambling debts would suddenly end up the problem of the hapless gullible citizens and taxpayers of Ireland I.E they get paid no matter what and so a no loss investment for them! The Irish government have an obligation to its citizens to remove this odious burden ,The Current government hasn’t got the balls to take on these Gangsters and fraudsters at home or in the ECB.
Our people were been blackmailed and forced into paying bondholders gambling debts (see link https://namawinelake.wordpress.com/2012/07/16/is-ireland-in-line-for-e100bn-refund-after-ecb-changes-stance-on-bondholders/) Remember “not one red cent more “ was the cry from the liars now in power and the same puppets have betrayed their own promises and so we the people are saddled with self serving lying pampered Bas****s who have no difficulty in taking the last crumbs away the most vulnerable citizens ( The disabled, the poor, the elderly, even our children’s education , the feature of our country .The saddest fact of all is that not one of the criminals responsible for the financial enslavement of our people has been brought to the courts and not one has come even close to a prison cell. Yet this government has presides over the imprisonment of 2,000 small fines defaulters : (see link http://www.independent.ie/breaking-news/national-news/2000-jailed-for-fines-nonpayment-3186120.html. and over 4000,people homeless .whilst corrupt bankers and developers still enjoy the lottery lifestyles at Irish taxpayers expense!
Regarding the above article all I can say is
“Wishful thinking David” There is not one realist amongst the current government! They are all career politicians and are hell bent is saving their own pensions, perks and above all their own seats in Lenster house! The stupid voters that voted this lot into power will no doubt vote the same codger back in again .We deserve all the crap we are getting from these codgers!
People of Ireland wake up and turf these gangsters out and take back our country from the banker led dictatorship.
Thomás O Cléirigh
- Is Debt Forgiveness About to Begin in Europe? (the2012scenario.com)
- Trichet says letters to Lenihan should not be published (thepressnet.com)
- Michael D what about the Irish people and the Austerity Mongers in the Dail (thepressnet.com)
- ‘Deal has been done to pay off bondholders and forgive residue of debt’ (thepressnet.com)
- ECB to recommend senior bondholders take losses in the event of a restructuring of Spanish bank debt (thepressnet.com)