IS THIS ORWELLIAN or what? Forcing Ireland to raise its corporate tax rate in order to secure a lower interest rate on an eventual stock of debt that it can’t pay in the first place is just plain stupidity, in our opinion.
Ireland, after assuming its bank liabilities, owes the European Central Bank so much it essentially owns the European Central Bank. Their leaders should resist the political and economic lobotomy being forced upon it by the European bureaucracy and do what is right for the country. They are fighting hard to do so. The Irish Times writes,
“The right result is to get a reduction in interest payments in the EU part of the [rescue] package. We will negotiate with others on the range of options to achieve this. The important thing is that there will be no dilution of the 12.5 per cent corporation tax rate that has been such an engine of growth,” he [Junior Finance Minister Brian Hayes] told RTÉ.
Be strong Irish!
Reproduced with the permission of Business Insider
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