As we face into a general election in the new year,the reckless spending we have witnessed over the last number of years has come back to haunt us.At 6.15pm on Sunday 28^th November Brian Cowan faced the worlds press and we as a nation to inform us we had to be bailed out by the Eu,ecb,and the IMF to the tune of  85billion euros over 5 years plus the interest which will amount to another 10billion euros per year repayments.The brunt of which will be paid by the middle and lower wage earners,the unemployed,social welfarerecipients,carers and special needs assistants.

The question needs to be asked WHYwere the U.K banks permitted by their own financial regulator in the bank of England to hand out loans of 140billion euros to this country to bump up the property bubble?It didn’t take an Einstein to know this crazy boom was unsustainable considering Britain was building only 125,000 new homes for a population of 60million,while we were building 90,000 houses for a population of 4.3million.The German banks were no better as they threw us 150billion for the same purpose.Now they are demanding their money back with an interest rate of almost 6% while the interest rate in Germany and Britain stays at 1 ½ %.Where is the equity here considering we are all supposed to be equal in Europe,or so we were led to believe when being asked to vote YES to the Lisbon Treaty.Is this Europe’s way of punishing us for the greed of the F.F Government, speculators and our leading Bankers? It appears the same said government and their advisors dutifully rolled over and capitulated  to the financial high kings of Europe, leaving our country humiliated and broke, Lets take the bond holders, they have been left unscathed in this debacle, considering they are fully insured by a German based insurance company namely A.I.G. These bond holders invested in Ireland for a higher return. Their dividends and returns are untouched, unlike the population of this country who will be held to ransom for the next 10years.

The ECB also demanded the 25billion from the pension fund for retired civil servants be thrown into the pot. Most of this fund is invested in stocks and shares which if put on an already depressed stock market will do well to realise 60%of their value.

We are now looking at the return of rates on private dwellings, water charges and a property tax. How are people who are already unable to meet their mortgage payments, who are now in negative equity be expected to pay all these extra charges.

One lesson we must learn from this mess is never again allow ourselves to be hoodwinked by a Taoiseach namely Bertie Ahern who’s only goal in life was to win three elections in a row. It’s nauseating to think this man is being chauffer driven in a 200,000 euro Mercedes, and collects a pension and Dail salary amounting top 6,000 per week. Unlike the unfortunate sub contractors who are owed hundreds of millions of Euros who turn up at development creditors meetings to be told they will be lucky to get 10c to the euro. There will be no social welfare for them and no pension.

                      GOD HELP IRELAND

CLLR Seamus Treanor

MCC