Four Corners - Season 52 Episode 6 Dicing with Debt
Rreported by Marian Wilkinson and presented by Kerry O'Brien.
Leading up to the global financial crisis, the entrepreneurs of Ireland were having a field day. Money was being borrowed, investment projects approved and the economy was booming. Now Marian Wilkinson tells the story of the crash, the Government bailout of the Irish banks and the brutal austerity regime the Government agreed to that's taken a harsh toll on the Irish people. With Europe heading towards recession, some in Ireland say it should demand a renegotiation of its bailout terms, a move with the potential to create another financial panic.
"Basically this is extortion and that's what it is. It's extortion. It's the bullyboys of Europe, you know, the European Central Bank, the financial bullyboys of Europe forcing us to pay a debt that was never ours..."
The program hears from the failed entrepreneurs about the gamble they took that shattered Ireland's economy. We see evidence of the investments that failed, visiting massive "ghost estates" where row upon row of houses stand empty, awaiting their fate beneath the blade of a bulldozer.
Crucially, Four Corners details the nature of the deal that was agreed by the Irish Government to take on private sector bank debt, and the furious negotiations that resulted in the Government being liable for the 30 billion euros the failed banks owed their private bondholders. It is that deal that is now coming under scrutiny. Was it fair that Ireland agreed to pay all failed bank bondholders, while holders of Greek Government debt are being asked to take losses to protect the rest of Europe? Many experts now agree Ireland will struggle to repay its debts, and the terms must be renegotiated.
If that happens it's possible the reaction will set markets staggering again, in a shockwave that will be felt beyond Europe.
First Air Date: Aug 19, 1961
Last Air date: Nov 04, 2024
Season: 20 Season
Episode: 703 Episode
Runtime: 45 minutes
IMDb: 6.90/10 by 7.00 users
Popularity: 42.451
Language: English
Keyword : investigative journalism
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Episode
Revolution in the Classroom
The Comeback Kid?
Syria Exposed
Given or Taken?
Closing Ranks
Dicing with Debt
Egypt: Children of the Revolution
The Fastest Changing Place on Earth
Without Consent
Happy Banking
Blood and Honour
The Killer Within
The Mormon Candidate
Judgement Day
Hard Knocks
Madeleine McCann The Last Hope
Casualties of the Boom
Smugglers Paradise
The Great Euro Crash
WikiLeaks - The Forgotten Man
Gina Rinehart - The Power Of One
Unholy Silence
The Price Of Pearls
Opium Brides
Sex, Lies And Julian Assange
A Matter Of Life And Death
Inside Mail
The Body Snatchers
Koala Crunch Time
The Autism Enigma
Crash Landing
There is No 3G in Heaven
The Hunt for Joseph Kony
Growing Up Poor
Taxing Times in Timor
The Battle for Syria
The World According to Lance
The Super Trawler
Rise of the Superbugs
Another Bloody Business
The Other Side of Jimmy Savile
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