Dublin Council of Trade Unions

Reason 24: We’re Burning €3.1 Billion Annually

Although we are repeatedly told the country is bankrupt –the Government continues to shovel €3.1 billion of our money each year into the bottomless pit of the former Anglo and INBS (now the Government likes to call them IBRC).

The reason ‘Economic Affairs’ below is so high for Ireland is because of the bank bailouts – otherwise it would be the same as the EU 15.

Public Spending in 2010 by Functional Category, Ireland and EU15 (% of GDP)

The most bizarre thing is what happens when the IBRC (which we own) gets paid the money. The IBRC use it to pay its own debts to the Irish Central Bank (which we also own). So we borrow €3.1 billion each year – more than it costs to run our entire national school system – to pay money to – ourselves! And what does the Central Bank do with the money when they get it? They delete it from their balance sheet. They might just as well burn it.

Why should we march? Because how can we be bankrupt if we can afford to borrow €3.1 billion every year only to then turn around and just burn it.

PDF here.


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