Wednesday, 29 February 2012

Ireland vs Greece

Detlev Schlichter writes
Although it just defaulted on €107 billon of private credit, Greece immediately gets another €130 billion taken from taxpayers in other countries. And these new loans plus the ones that were agreed at the time of the last bailout were just made cheaper. They now only cost 2 percent per annum after 3.5 before the restructuring...

It defaulted on its ‘private’ lenders and got more money at lower rates from its official lenders.
I seem to remember that the terms imposed on Ireland were not so favourable. If I were Irish, I'd be none too pleased.

Let's see how they vote in the upcoming referendum.

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