After weeks of dancing the seven veils,
trying to hide what they were up to, the government, the EU and the IMF
announced on prime time television today (Sunday)that they have signed up to an €85 billion bailout. The money which has 5.8% interest rate attached to it will go to recapitalise the banks( €10bn); fund the budget (€50bn) and deal with “banking contingencies” (€25bn). So in other words the whole lot is going to bail out the banks and keep the government finances going.

The buzz word is “contagion”, the fear that
the financial crisis will spread. With the Irish economy on the brink of
collapse, the government has been forced to introduce even more
draconian cuts
to the tune of £20bn to pave the way for an EU/IMF bail-out package. All
eyes
are now turning to Portugal and even Spain as the speculators move from
one
country to another.

IRELAND: The four year plan has been announced, the
cuts have been declared and the working class, particularly the poorest
sections,
are in the firing line once again.