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No real doubt as to why Irish bailout put in place

Damning evidence of what is going on with bailouts is around the 1 minute mark of this short video from Alan Kohler.

Compares the market’s response to the Greek bailout on their debt spreads pre and post bailout and the implication of what to expect for the Irish bailout.

Bottom line: It has nothing to do with protecting access to debt markets but protecting the existing holders of the debt. Basically the men and women tax payers of Ireland are being asked to absorb the losses of international banks so other international banks can keep on being the “vampire squid on the face of humanity”… It is exactly what happened to Goldman’s by bailing AIG out, but this is operating on a multinational level where the “lucky” Irish are the chumps for the faceless international banks that drove these kind of deals.

http://mpegmedia.abc.net.au/news/video/podcast/20101126-finance-report_iphone.
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