Madam, – The ratings agencies have begun to give “junk” status to our so-called “pillar-banks”, ie not worthy of investment. Meanwhile, our Government intends to pour billions more into them, derived from tax hikes and cuts that prevent any chance of economic growth. This is as absurd as it is obscene.
What can be done? Many hoped the new Government would deal with the problem differently. So far, no change.
Recently, peaceful protests against the bailout have begun around the country; on a weekly basis with every intention of continuing. See “Ireland Bailout protest” on Facebook. Already they have taken place in Ballyhea, Fermoy, Ennis, Cahir, Galway, and are spreading by the week.
If sustained peaceful protest can overthrow communism in Eastern Europe and dictatorship in North Africa, surely it can take on bondholders, failed banks and their political protectors? – Yours, etc,