Feck Off Euro-Socialists

Guido Fawkes
"Euro-Socialist and Green MEPs have tabled a motion calling on Ireland to double corporate tax rates as part of a quid pro quo for a bail-out. Not a single Irish MEP has supported the motion. Ireland should just tell them to “feck off”… A World Bank report from back in May 2009 “What went wrong in Ireland?“ written by Patrick Honohan, Professor of International Financial Economics at Trinity College Dublin, put the blame squarely on joining the euro and having the wrong interest rates. Writing in 2009 he said

…the underlying cause of the problem was … too much mortgage lending (financed by heavy foreign borrowing by the banks) into an unsustainable housing price and construction boom. The boom seemed credible to enough borrowers given sharply lower interest rates with adoption of the euro … it was Economic and Monetary Union (EMU) entry that really started the housing price surge by sharply lowering nominal and real interest rates, thereby lifting equilibrium asset prices…