Stealing a little thunder from Vox, a brief look at Ireland's history may prove important to understand their current financial demise...
Ireland, much like America, has fought hard to maintain it's Independence from British rule. From the beginning of the 12th century until today, Ireland has fought off Catholic rule, Potatoe famines, and British occupation and control over their country.
However, because of their economic decline and massive debt issues, the EU and the IMF are now seeking to infuse an estimated 85 billion Euros ($113 billion) in debt to save the country from bankruptcy. Of that amount, 35 billion euros would be given to stabilize the banks and another 50 billion euros would be required to finance the government.
As a result, Ireland would now, after years of fighting for its independence, revert basically back to British (EU and IMF) rule.
And I agree with most people that this is just the start of a global banking and debt crisis for the entire EU as well as the United States. With a bailout of that size, the Irish government is asking its citizens to shell out approximately 22,000 Euros per person to finance this debt. Impossible.
Grace & Peace
PLW
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