Most of these are high street banks (equivalent to S+L) that were making housing loans. You want to tell pensioners that their life savings are gone and the government is not going to do anything?
It might work - but it also means people will stop putting their money into banks, which means no credit cards, no business loans, no mortgages, no saving, no insurance.
So everybody will only deal in cash which means no taxes.
Admittedly ireland is probably closer to a 12th century barter economy than the rest of europe - but I don't think it really wants to go there.
Most of these are high street banks (equivalent to S+L) that were making housing loans. You want to tell pensioners that their life savings are gone and the government is not going to do anything?
It might work - but it also means people will stop putting their money into banks, which means no credit cards, no business loans, no mortgages, no saving, no insurance. So everybody will only deal in cash which means no taxes.
Admittedly ireland is probably closer to a 12th century barter economy than the rest of europe - but I don't think it really wants to go there.