BALLYHEA/CHARLEVILLE WEEKLY PROTEST
(NOTE: A billion euro, €1,000,000,000 = 500 Lotto wins)
- €109.7bn Bank bond payments 30/09/08 to 30/06/12
- €39.9bn Bank bond payments 30/06/12 to 31/12/15
- €149.6bn Total bank bond payments 30/09/08 to 31/12/15
- €67.8bn Bank recapitalisation – what we’ve paid to date
- €14,799 INDIVIDUAL BAILOUT COST FOR EVERY IRISH RESIDENT
- €44bn Possible future exposure (per Namawinelake)
2008 Mar 2012 DIFF
National Debt €43.9bn €169.0bn + €125.1bn
Pension Fund €21.2bn €5.8bn – €15.4bn
Unemployment 6.3% 14.5% + 8.2%
Emigration: 111/day, 3,330/month, 40,500/yr
At its highest since the 1840s and
the Great Hunger.
Human cost: Immeasurable
THE HISTORY: The major banks of Europe’s so-called core (Germany, France etc.) were owed tens of billions of euro by Irish banks, hundreds of billions by the banks and/or governments of Greece, Portugal, Spain, Italy. In Ireland’s case it was private debt, every cent, but the ECB feared ‘contagion’ if an Irish bank defaulted; it decided that every bond would have to be paid in full.
THE ECB’s SOLUTION: Abusing its financial muscle it coerced a weak Irish government into converting what had been private debt to sovereign debt.
HOW IT WORKS: The ECB lends billions to the Irish exchequer which gives it to the Irish banks (that’s the €67.6bn to date - overleaf) which pay the bonds and VOILA! What was once private bank debt has become sovereign debt and without ever even being asked, YOU have a debt of €14,799.
MARCH WITH US: Every Sunday, alternate between Ballyhea (the church) and Charleville (the Library Plaza) , meet at 11.30am, 15 minute walk.
Facebook page - Ballyhea bondholder bailout protest