ML-Implode News - Bad debt banks 'should go bankrupt' - Keiser; Ireland May Have Referendum On ESM Treaty

"If they are capitalists they should obey the rules of capitalism; if you make a bad debt and screw up then you've got to pay the consequences. You can't go to the government and get a bailout . . . that's not capitalism, that's not even socialism, that's crapitalism," Mr Keiser said in a talk marked by black economic comedy.
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"I'm reasonably confident that we will probably have a referendum down the road on the ESM treaty because it's monumentally illegal under EU law and Irish law."

Mr Coughlan said it would be "absurd" for Irish voters to vote in favour of the fiscal referendum on Thursday given that the ESM would not be set up until July.

"It would be absurd for Irish voters next Thursday . . . to agree to a permanent . . . balanced budget in perpetuity in order to have access to a fund that doesn't yet exist, which Ireland and other EU states has not yet ratified, and that in turn depends upon an amendment of EU treaties on which this State has a veto."

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Bad debt banks 'should go bankrupt' - Keiser; Ireland May Have Referendum On ESM Treaty