Do you think the Irish government made the right choice when it decided to repay all...

Do you think the Irish government made the right choice when it decided to repay all bank debt?

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Expert Solution

Yes, the decision took my Irish Government was right as Ireland's choice was vigorously impacted by its Eurozone peers, who were anxious about the possibility that that giving a bank a chance to bomb in one euro-nation could trigger a domino impact all through the whole European managing an account division. Ireland is a really, really special case.

Before the crisis hit, Irish public debt stood at almost $44 billion, 24.6% of GDP, and the country was in a state of fiscal surplus. Ireland’s large debt is due to the socialization of unplayable private debt by Irish banks, meaning that people in Ireland were made responsible for repaying the banks' commercial debts for years to come. This socialization happened as the Irish government decided to guarantee the deposits and senior bondholder debt of six pillar Irish banks. The social impact of this debt burden and the impact of the loan policy conditions accompanying international ‘bailout’ loans have been disastrous.

Rahul Sunny answered 1 year ago

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