DCTU

Dublin Council of Trade Unions

Reason 8: We’re Paying for the European Banking Crisis

The Irish people have bailed out the European banking system.  And the Irish people were never asked.

We bailed out German, French, Dutch, British and Irish bondholders and creditors.  And the cost has been astronomical.  It has cost us (so far – this is only up to 2011) over €41 billion.  This doesn’t count the money we shovelled in from our National Pension Reserve Fund – that’s another €20 billion.

Ireland has paid the equivalent of a quarter of its GDP.  The next hardest hit – Latvia – has paid 3 percent.  Germany has paid only 1.5 percent while Netherlands has only paid ½ percent.

The Irish people will pay over €70 billion over the next 20 years to bail out one bank – Anglo Irish.

This is not only economically ridiculous – it is socially and morally obscene.

Why should we march?  Because the Irish and European people are not responsible for the crisis created by bankers and bondholders.

Download PDF here: Reason 8 Banking

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