Posts Tagged ‘Hank Calenti’

Ireland Banking Crisis Cost Grows: Another $ 34 Billion from Irish Taxpayers Required

April 4th, 2011 Comments off

According to the Central Bank of Ireland, the cost of bailing out the Irish banks from the cost of their reckless business  decisions has increased by another $34 billion, on top of approximately $65 billion already spent. This news coincided with Fitch announcing another downgrade on Irish government debt. The current bill Irish taxpayers are being forced to swallow for covering the cost of the follies of the bankers is now a staggering seventy billion euros, or more than $100 billion dollars.

Hank Calenti, responsible for bank credit research at Societe Generale, said it will take another twenty years for the Irish people to pay off the money borrowed by Dublin to cover the cost of the decision by the Irish government to guarantee all the financial obligations of the private banks in the country. This means that every man, woman and child currently living in the Irish Republic is responsible for more than $20,000 in loan repayments to save their banking elite from the cost of their mistakes. Instead, it is the Irish people who will cover the losses, without any vote or input on the matter. Thus, in the wake of the global financial and economic crisis of 2008, this is what passes for Western democracy.