Irish Debt activists at ECB as Draghi rejects debt writedown in return for Yes vote

Activists from Ireland at the ECB

A group of Irish based debt activists flew into Frankfurt, Germany yesterday and are currently protesting outside the European Central Bank ECB. The trip was organised by people from Ballyhea and Charleville  in Cork who have been holding weekly protest and demos against the socialisation of private debt and the impacts payments of such illegitimate and unjust debts are having within our communities.  Its seems they had company on the plane too

The reason for the trip was described on the Bondwatch website, run by debt campaigners from Ballyhea and Charleville

Last night they attached a written declaration on the doors of the ECB at midnight. The ECB the central bank for the eurozone. And it is run by 23 men, not one of who is elected or has any mandate from 540 million people whose lives are affected by the decisions that these men make.

Nothing odd about this picture right? Looks exactly like what a self-selecting-unelected-unaccountable-bunch-of-bankers-who-make-decisions-that-affect-540+million-people should look like.

The Governing Council is the main decision-making body of the ECB. It consists of

  • the six members of the Executive Board, plus
  • the governors of the national central banks of the 17 euro area countries.

So why are people in Ireland going directly to the ECB. Quick simply because the present Irish government has continued in exactly the same way as the previous one. In atc there is a good case to argue that the present government is actually far worse than the previous one.  Whilst the bank guarantee of September 2008 is undoubtedly one of the greatest single acts of social injustice since the inception of the state, to think of the process of government simply as a series of singular acts is to misunderstand the importance of drift and fear. Cowen and the now deceased Lenihan made decisions that are less baffling when it is now clear that everyone around they was lying and cooking the books. Anglo was just the worse and obvious case, but this goes right across the spectrum.  But its seems clear that they acted out of both fear and stupidity on September 30th 2008. In retrospect we understand that Fianna Fial essentailly acted in the same way rating agencies in the US did during the years in the run up to the 2007.

Fainna Fail acted not as leaders, not even as baron robbers, but merely as  bureaucratic rubber stampers of the ‘common sense’ that was held and promoted by their smarter richer and more powerful male friends in the property, financial and financial services sectors.  Fianna Fail as a party had/has no real ideological slant it seems to me. Cash mulla and the trappings of power on a small island off the coast of Europe.  So when the shit hit the fan, the rubber-stampers simply did what they were told by their betters

Debt Justice Action network released a statement in support of those travelling to Frankfurt earlier today

The Anglo: Not Our Debt campaign has lent its support to a protest taking place today at the European Central Bank (ECB) by Irish groups and individuals demanding debt justice.

Campaign spokesperson Andy Storey said that the protest was especially timely as the German government has just told the Irish government there will be no deal on the Anglo debt after the ‘yes’ vote in the fiscal treaty referendum.

“Once again, the government has been told that being ‘Mister Nice Guy’ gets you nowhere – unless the Irish government stands up for itself and suspends the repayment of the promissory notes arising from the debts of Anglo Irish Bank
they will make no progress on this issue”, he said.

Representatives from a number of Irish organisations, including the Ballyhea/Charleville bondholder bailout protest group, travelled to Frankfurt to take their demands directly to Mario Draghi, President of the ECB, during that body’s governing council meeting. These demands include the immediate destruction of all remaining promissory notes and the refunding of the two promissory notes already paid, which have cost Ireland over €6 billion.

Nessa Ni Chasaide, also of the Anglo: Not Our Debt campaign, said that “civil society has to take its message directly to Europe because it seems the Irish government will not – the time for begging for favours is long passed, this is the time to demand justice, including the writing down of illegitimate debt”.

This is the ECB dismissing claims from Kenny that a Yes vote will no be rewarded with a debt writedown

For a more substantive take on the nature of the crisis and why economists and bankers are not the people to be relying to sort if out you should read this inteview from Paul Mason as he speaks to Steve Keen.
Paul Mason Interviews Steve Keen Critic of Economics


One thought on “Irish Debt activists at ECB as Draghi rejects debt writedown in return for Yes vote

  1. Pingback: Protesters Take On ECB Headquarters In Frankfurt

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