What is truth?

Bank payouts

Ireland may not win football’s European Championship but when it comes to banking debt we are Barcelona, Bayern Munich and Manchester United all rolled into one with Real Madrid for a bench.  Germany may have run Ireland close in the nominal amount of banking debt but when it comes to a proportion of GDP, it is just pennies behind their sofa. For Ireland, it’s the entire house.

Here’s another little stat to chew on.  The European banking crisis is just that – a European crisis.  But as we know, this has not been addressed at European level.  Rather, the cost has been delegated to individual countries regardless of their size or ability to pay.  For instance:

  • Ireland makes up 0.9 percent of the EU population
  • The Irish economy makes up 1.2 percent of EU GDP

Ok, we’re small.  So how much of the entire European banking debt have we paid?

  • The Irish people have paid 42 percent of the total  cost of the European banking crisis

 

 

Source:http://notesonthefront.typepad.com/politicaleconomy/2013/01/with-considerable-speculation-about-an-impending-deal-on-bank-debt-with-the-taoiseach-and-the-german-chancellor-jointly-sta.html

 

 

About these ads

Comments on: "The Irish people have paid 42 percent of the total cost of the European banking crisis" (1)

  1. […] The Irish people have paid 42 percent of the total cost of the European banking crisis (thepressnet.com) […]

Comments are closed.

Tag Cloud

Follow

Get every new post delivered to your Inbox.

Join 2,306 other followers

%d bloggers like this: