Despite hype Irish financial crisis will only worsen

Almost a trillion Euros. This is the productive legacy the grandparents want for their savings. Not the squandering of hard saved assets wasted on transient speculators. These assets are Ireland’s Phoenix resource. The sovereign wealth fund is a pension fund not a teenage holiday stipend.

If Peter Sutherland’s views continue to be adopted as policy by the Department of Finance, Ireland without its sovereign wealth fund intact, will be broke and vulnerable. In its inevitable bankruptcy Ireland’s “family silver” will eventually be put on the auction block by the IMF and the ECB.

Irish banks, airports, power plants, power grids, sea ports, roads, air space, semi-states, media assets, railways, forests, lakes, water, remaining mineral rights, all will be up for grabs.

The only folk with money or credit to fund such acquisitions will be the friends, associates and financial alumnae of Mr. Sutherland who, as you may know, is the non-executive chairman of Goldman Sachs International, one of the biggest “vulture” banks in the world.

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Nster.com