Go back to our EU friends and demand a better deal

SIR, As we draw closer to the 10th anniversary of the banking collapse and the construction/property crash, is it time to return to our friends in Europe and renegotiate the terms of our €200 billion debt? ln the original negotiations we were taken advantage of, bullied and threatened. lndeed we were sold a pup in 2012, when we were promised the game changer. Remember that, Enda and Eamonn?

Now, under the new rules agreed back then, we will contribute financially if there is another financial disaster, even if it is not of our making., What a great deal we got in 2012 at the European summit!

Many loans have been renegotiated in the domestic market here in lreland; why not with the ECB? Indeed the Greeks managed to negotiate a massive write down of their original debt. We were not as bold, unfortunately.

‘A friend in need is a friend indeed’, we are often told. Unfortunately our friends in the ECB profited from our misery and continue to do so. Originally we were charged 6% interest with a 3% levy added on for good measure. The Greeks came to our assistance and the rate was reduced to 3%. Our government falsely claimed credit for this ‘good fortune’. That’s what politicians tend to do.

We pay interest of roughly €7 billion every year. We can’t afford this. We have hospitals, schools, infrastructure and citizens crying out for this money. We could demand that the interest rate be scrapped and that we pay €3 billion a year towards the reduction of the capital of €200 billion. That still wouldn’t eliminate the debt in the lifetime of my adult children.

We are close to full employment, we are told. Surely ‘the regions’ might have a different opinion. Be that as it may, the tax take is nearly at maximum for our small population and we still struggle to keep the show on the road. Ask those on hospital trolleys, on hospital waiting lists, the homeless and those trying to rent or purchase a home.

We are a shambles. We need a break from the elite in Europe, especially the ECB who didn’t regulate our banks properly when they introduced the Euro.They oversaw cheap finance being poured into lreland and other less well off countries. Did they not anticipate the dangers? They are the financial experts, supposedly. They failed in their duty and we suffered.

But debt is power and opportunity for many. Look at the vulture funds who made a massive killing in the property market. The ECB and the IMF have made profit from our misfortune.

Go back, l say and really don the lrish jersey. Don’t be bullied again. Show some initiative and courage and renegotiate! Sincerely,

Gerry Cournane,

Tralee.