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
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- Eurozone’s debt to GDP ratio at 90 pct in third quarter of 2012 (gulfnews.com)
- UK exit from EU would be catastrophic, warns Kenny (independent.ie)
- Cost of borrowing on markets could fall if easing of bailout terms goes ahead, says Noonan (independent.ie)
- Ireland Lobbies to Have Europe Share Banking Risk: (thepressnet.com)
- A Really Really Special Case Requires a Really Really Special Solution (irishleftreview.org)
- A Really Really Special Case Requires a Really Really Special Solution (notesonthefront.typepad.com)
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