Quote:
Originally Posted by Slappin Fish
The two countries that received the most EU money where Ireland and Portugal :
Ireland went from being one of the poorest countries to being the second richest in the EU, despite the recession they are still third.
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Granted Ireland spent a lot of their EU grant money wisely on infrastructure I'll give you that. Most of that economic growth was tied into the housing bubble and an unsustainable reliance on the construction industry that completely collapsed when the credit crunch hit.
Ireland also had one of if not the biggest housing bubble in the EU which has resulted in a
catastrophic crash in prices.
Irish banks are ALL insolvent and the next EU bailout will most likely result in
depositors loosing their savings, the Cyprus incident was pretty much a blueprint for future EU terms and conditions for bailouts.
Irish
emigration is now at highest point since the Famine.
None of this reckless lending through
MBS was the fault of the people yet everyone in the EU is paying for it through crazy austerity measures and a big fall in living standards.
Quote:
Originally Posted by Slappin Fish
Italy and Greece are just too corrupt to manage any sort of funds.
If some thought the party would last forever and didn't manage to put money aside during the Boom years you can't really blame the Eu for that  |
The whole thing is corrupt to the core, this isn't just about a couple of countries being corrupt. Every single one of us 503,492,041 citizens of the EU will pay for the corruption and greed by the bankers and politicians that have caused this financial collapse.