Friday, 22 June 2012

BALLYHEA BANK BONDHOLDER BAILOUT FLYER


BALLYHEA/CHARLEVILLE WEEKLY PROTEST
THE NUMBERS 
 (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)
THE FALLOUT
                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
Page 2
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.

FURTHER DETAILS:   
Facebook page - Ballyhea bondholder bailout protest
TWITTER:         @ballyhea14
BLOG 1:          http://bondwatchireland.blogspot.com 

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