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.
Episodes in Season 52
Revolution in the Classroom
45 min
The Comeback Kid?
45 min
Syria Exposed
45 min
Given or Taken?
45 min
Closing Ranks
45 min
Dicing with Debt
45 min
Egypt: Children of the Revolution
45 min
The Fastest Changing Place on Earth
45 min
Without Consent
45 min
Happy Banking
45 min
Blood and Honour
45 min
The Killer Within
45 min
The Mormon Candidate
45 min
Judgement Day
45 min
Hard Knocks
45 min
Madeleine McCann The Last Hope
45 min
Casualties of the Boom
45 min
Smugglers Paradise
45 min
The Great Euro Crash
45 min
WikiLeaks - The Forgotten Man
45 min
Gina Rinehart - The Power Of One
45 min
Unholy Silence
45 min
The Price Of Pearls
45 min
Opium Brides
45 min
Sex, Lies And Julian Assange
45 min
A Matter Of Life And Death
45 min
Inside Mail
45 min
The Body Snatchers
45 min
Koala Crunch Time
45 min
The Autism Enigma
45 min
Crash Landing
45 min
There is No 3G in Heaven
45 min
The Hunt for Joseph Kony
45 min
Growing Up Poor
45 min
Taxing Times in Timor
45 min
The Battle for Syria
45 min
The World According to Lance
45 min
The Super Trawler
45 min
Rise of the Superbugs
45 min
Another Bloody Business
45 min
The Other Side of Jimmy Savile
45 min
