29 NOV 2010
By Tyler Durden | Zero Hedge
Today the myth of a popular, democratic government in Ireland collapsed for good. After an impromptu poll of 500 people nationwide found that a "substantial majority" of the people, or 57%, wants the State to default on debts to bondholder, what it ended up getting was precisely the opposite. Why?
Last night the Irish delegation negotiating with the EU-IMF last week raised the issue of default. "The Europeans went completely mad," a senior government source said."
Of course, this is a reason for the Europeans not to want an Irish default, not for the Irish. And last time we checked, the Irish government represented its people, not the interests of Brussels.
As America showed all too well, we expect every banker in the world to threaten perpetual damnation for Ireland should they decide on doing what is right for its people (and so very wrong for another year of record banker bonuses). Then again, with elections in Ireland imminent, it is almost certain that there will be a massive popular overhaul of the government, and all bets at that point will be off whether the ECB can dictate terms to a brand new, and far more loyal, government.
To quote the Independent: "In Dublin, there is barely concealed outrage at the interventions of Ms Merkel and at the position adopted recently by the European Central Bank, which precipitated the arrival of the EU-IMF team in Ireland."
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