The Financial Times has advised Spain not to follow the course adopted by Ireland when in 2008 our criminally insane government tried to save Ireland’s commercial banks by turning bankers’ gambling debts into Irish tax payers’ debts.
The FT of Tuesday 29 May wrote;
… “We are not going to let . . . any bank fall . . . if that happens the country will fall,” Mr Rajoy (Spain’s Prime Minister) said on Monday. That is the message Ireland’s government insisted on as it piled private banks’ debts on to its puny sovereign shoulders. By the end of 2010 markets had lost faith in Dublin’s ability to repay and it was strong-armed into a eurozone rescue loan.
Ireland’s folly made clear that the interdependence of sovereigns and national banks is at the heart of the monetary union’s present dysfunction…
Just keep in mind that Fianna Fail leader Micheál Martin was a cabinet minister in the government that gave us ‘Ireland’s folly’ then and he is telling us now that he is qualified to offer advice on Thursday’s referendum. With a record like that he shouldn’t be trusted to tell us what time the 9 o’clock news begins.
