In the news today is Minster of finance Pascal Donhoe announcement that Ireland’s (Rep) national debt is likely to increase in the coming years. It stands at over €211 billion (with interest payments totaling nearly €6 billion – rte) and i believe that National Assets Management Agency (Nama) is not included in this figure, which would add €70/80 billion to it.
What can one say about our Debt which amounts to €45,000 for every man, woman and child in the “state”. Its money which has been badly spent shoring up banks, speculators/ property developers and so on. It has also been used to cover the decrease in taxes when the property bubble burst.It shows up the extremely poor financial management of Fianna fail and other parties, who put nothing aside for the rainy day. Corruption/ Graft by political parties is at the heart of the financial mess. They allowed the “swindle” of the Irish people by banks, speculators etc … who made big profits at their expense. However these same people (speculators/developers/builders) didn’t share their profits but yet made the public take the losses €??? billion. We could have modernized the rail network, built new roads,schools and hospitals, light rail and a metro for Dublin and so much more for that money. Yet bailing out the “fat cats” took precedent. Was that fair ?
Here are some links of interest-