Extending The Debt: The Great 'Promnight' Swindle

dermo
Sat, 09 Feb 2013 15:56:58 +0000
Banks, Capitalist crisis, Eurozone, IMF, Economy, National, Opinion, Analysis

Sometimes you can walk around this city and feel like you are the last sane person left on the island. On the front page of every single newspaper the spin doctors have gone into their highest setting possible with the great news that we’ve buried the rotten corpse of Anglo Irish bank which had been stinking up the whole economy for years now. We’d cut ourselves away from this horrible thing, we no longer had to pay out this awful promissory note for a staggering amount of €3.1 billion every year. We were now going to just liquidate the rottenest bank of all time, transfer it over to the men in black (NAMA) and the plan then was to pay interest only on this astronomical debt (€40 Billion) until 2038.