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Banking crisis | by Steve-h
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Banking crisis

Two of the "little people" whose taxes are now backing up a multi-billion euro guarantee to the Irish banking system. The building is part of the Bank of Ireland complex in College Green, Dublin.

 

The Irish government for years said the building development business was sound and , oh, wasn't it unfortunate that the little people had to pay a million euros for an ordinary small house. The finance minister, now prime minister, kept on denying that the business was about to go belly-up. Now it has. And the banks who had been giving people 100 per cent mortgages, now have all their money tied up in building projects where the debtors are going broke and cannot pay.. So it is the taxpayers who are left t o bail out these greedy fools.

 

Explore #342

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Taken on October 5, 2008