As Europe increased its firewall by 500bn Euro, protests around recession-hit Europe continued. In Ireland a rising public outcry over the country's bailout terms could plunge Europe back into crisis.
As several European countries plunged into recession, some in Ireland are saying it should demand a renegotiation of its bailout terms and 'burn' the bondholders, a move with the potential to create another financial panic. "The bullyboys of Europe, the European Central Bank, are forcing us to pay a debt that was never ours..." Many experts now agree Ireland will struggle to repay its debts, and the terms must be renegotiated. "Without a deal, I think it's unlikely the Irish government can make the sums add up." an economist at University College Dublin tells us. If that happens it's possible the reaction will set markets staggering again, in a new shock wave that will be felt beyond Europe.
A Film By ABC Australia
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