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The Recession, Bank Bailout or our Deficit?
national |
eu |
opinion/analysis
Tuesday May 01, 2012 09:27 by Sonya Oldham - The People's Association Watchdog irelandpaw at gmail dot com
Does the Fiscal Compact Treaty Deal with the Cause of the Crisis? Does the Fiscal Compact Treaty Deal with the Cause of the Crisis? What Caused the Crisis? The collapse of the Irish banking system was principally caused by a failure of regulation and the reckless lending practices of the Irish and European banking system. According to the Banking Enquiry: Financial integration in the euro area allowed banks in Ireland unprecedented access to cross-border funding. As in many smaller EU economies the entry of foreign banks intensified competition in lending. The banks’ ability to borrow cheaply in international wholesale markets created a ‘capital flow bonanza’ which has been observed to markedly increase the likelihood of a banking crisis within the receiving country. This clearly happened in Ireland. |
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Jump To Comment: 1Sonya is providing a great information service on this nefarious treaty. Surely Sonya the best option is for the Irish people to follow the example of the people of Iceland and not pay. Basically we need to default. It is not the Irish people's debt so why should we pay the debts of bankers, builders and bondholders.