To reverse Michael Noonan's catch phrase "Greece is not Ireland". We had a property bubble, we inflated our expenditure based on the bubble tax take so that when it burst we had a huge deficit which we are working to address. But everyone got richer from the Celtic tiger, like it or not. Benefits went up because we were rich. Public sector wages went up because we were rich. The local shopkeeper made more money because we spent more because we were rich. We're now reversing this - as we need to given our current circumstances.
Yes we stood over our banks, and yes, this may have involved pressure from outsiders, but we are dealing with the fallout of a bubble bursting which has happened time and again in the global economy.
Greece is not.
Greece are dealing with the fallout of cooking their books for decades. There are no bankers or politicians who made a killing in the good times because there were, by Irish standards, no good times.
Ireland had a bunch of problems 25 years ago which we addressed which resulted in the celtic tiger. But we let it go to our heads and developed a real estate bubble which has burst.
Greece had a bunch of problems 25 years ago which they hid. So they ignored them and now the chickens have come home to roost.
Very different kettle of fish.
But the common thread running through both our realities is that deregulation of lending, and free movement of capital led to both our governments over spending, as has been proven here..
These banks lent on a global scale, it has come out that the Federal Reserve through its discount window gave discounted loans to european banks like Dexia, why did they do that anyway...
How do you mean no bankers or politicians made a killing...There is a lot of wealthy ex politicians living in d4 etc and lots of rich bankers, there all just under the radar..
Also I don't think that the Celtic Tiger was real, if we look at the evidence now, we can see that Bertie ignored all his advisors in the dept of finance..
Everyone was doing well because most of the people had an income linked to the property bubble. A bubble is not the celtic tiger, we now know the celtic tiger was a mirage..a bubble that Bertie allowed to go on to stay in power...
Anyway, if Lenihan had listened to Merkel when she told him not to guarantee the banks because there would be a flight of capital from German banks, he sneaked off and made the worst mistake in the history of our short state...
I get what your saying though, but as a personal opinion I am against trying to say that the greeks are different story and then letting the people suffer their fate..
I personally believe if we are not to be hypocrites and expect help ourselves from our "european partners" then we should realsie that the greeks are being screwed just as bad as we are..
Because like you say its a different kettle of fish, thats why they are on the streets nearing a revolution..Because they were royally screwed on purpose, where we were screwed thru incompetence..
I would argue that Bertie knew deep down he was playing russian roulette..but went for gold..
Also how did you do that, very good didnt know you could take a post like that
Why did you put up a post that you disagreed with at the time?
Anyway may be the fact that they were massaging the numbers could be used to audit the debt and prove it is odious...?
Lastly, the bankers knew the size of our problems and lied, and I would believe the bankers knew the size of the problem in Greece too....
Anyway Beefof the heels I have read some of your posts and you make a lot of sense, but I am going to be devils advocate for the Greeks..We should recognise we are all in the same boat, as in the bankers are being bailed out while we suffer..