Despite these recessionary times successive Irish governments under instruction from the ECB have undertaken to pay back the bondholders of Anglo Irish Bank and Irish Nationwide €31bn of private speculative debt over ten years. That's €3.1bn from Irish taxpayers every year on the 31st March. On the evening of the 30th March this year Michael Noonan entered the Dail and made a statement about this year's payment. What he seemed to say was that the payment would be deferred using a long-term government bond. It was hailed as a success for the government. In fact the only success was for the highly paid PR advisors who managed to convince most people that something was true when in fact it wasn't. The money was paid in full and on time the next day. The video below gives some of the background to this scam.



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