Irish Prime Minister Predicts Cost of Anglo Irish Bank Bailout for Ireland’s Taxpayers is 70 Billion Euros
Ireland’s own case of a financial institution that is “too big to fail” will probably in the end impose a penalty of €70billion on the already beleaguered people of Ireland, according to a prediction made by the Irish prime minister, Brian Cowen . The tale of woes concerning this bank I have reported on in a previous blog posting. Let us just point out that if this projection is correct, every man, woman and child in Ireland, which has a population of about 6.2 million, will pay 11,280 euros for this financial disaster not of their making, or about 14,500 U.S. dollars at the current exchange rate.
If a typical Irish family of four is told they must fork over approximately sixty thousand dollars to bailout the no doubt well paid (and well bunused) executives of Anglo Irish Bank and their bond holders, will they remain quiescent? On top of massive unemployment, brutalizing austerity and a shaky economic future, the people of Ireland must now add higher future taxes to pay off the excesses of a few to their growing tab of financial and economic suffering.