11/29/2010 PERMALINK
Unconscionable! EU plan forces Ireland to loot Irish pensions to pay for the bailout of Irish bankers and developers. A little noticed clause in the EU's bailout deal with Ireland apparently requires that Ireland to deploy its previously off-limits pension reserves and fully run down all its cash reserves as part of the bailout. Until now Irish and EU law have made it illegal for Ireland to use its pension funds to cover current expenditures. But the new bailout deal simply ignores these laws, requiring Ireland to contribute euro 17.5 billion to its own bailout by looting the money from Irish pensioners. This is Robin Hood in reverse. The enslavement of a people to prevent politically connected developers and international banks from taking the loses that they incurred.