Why Ireland should default on the loan sharks now

paul
Wed, 24 Nov 2010 16:28:01 +0000
Capitalist crisis, IMF, Economy, National, Opinion, Analysis

The so called rescue loan being negotiated by the ECB is really a jacking up of the interest rate Ireland is paying on its debt from the ECB base rate of 1% to a more profitable rate of 5% or more. If we submit to this deflationary programme of structural adjustment being pushed by the IMF our shrinking economy will never generate enough to pay off these debts. The only way out is to push for a default.