Who do you think was the biggest loss making financial institution in the world last year? Lehman Brothers? AIG? Citibank? No, it was not a major bank in a major world economy - it was a relatively small developers' bank in Ireland - Anglo Irish Bank. What's more, Anglo Irish Bank is likely to be the biggest loss maker again this year!
It's now almost three years since European Commission President Barroso announced "a silent revolution in terms of stronger economic governance by small steps". This has meant using the economic crisis to impose a model of authoritarian neo-liberalism in Europe.
SARAH BOUGHT her one bedroom apartment in Swords for €300,000- her mortgage repayments are €1,450 a month. When her job relocated down the country, she had little choice but to move. With the apartment now valued at €170,000, she can’t sell it, and has no choice but to rent it out bringing in €750 and leaving her to add another €700 every month.
