# The "Beggar Ireland - Return to Competiveness" Policy



## onq (25 Dec 2010)

I haven't been utterly damning of Lenihan's policies and competence before now, but its clear from what Lenihan has allowed the banks to get away with - not lending to viable businesses in a recession with the consequential bankruptcies and liquidations - that he has bought in to the European led "Beggar Ireland" policy in the misguided hope that it will return us to competitiveness.

All it will do is ensure a flight of capital, along with young educated talent, preserve the top brass of our dysfunctional banks and lead us deeper into a depression, not a recession.

If the banks had even cleared out their boards of directors and put in competent new talent they could have regained credibility on the bond markets.

But in this country we're so used to rewarding lacklustre performance with state pensions we think it should apply to the banks too - not so.

This is a disgraceful way to ruin, not run and economy and would not be tolerated by any other developed nation.

By the way Brendan, this is a critical comment, I'm not letting off steam.

Bah, humbug!

ONQ.


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