‘All Pain, No Gain’: The Irish Backlash to Europe’s Austerity Plans
And In One Small Irish Town, Loophole Allows for Return to Pre-Euro Currency
In the small town of Clones, near the Northern Ireland border, an unique experiment is underway that uses a little known loophole to help a local economy ease the pain from a ravaged national economy.
A political sign in Dublin depicting German leader Angela Merkel and calling for a “no” vote to Eu-driven austerity policies. (Photo: Crispin Rodwell) The loophole, explains The Guardian‘s Henry McDonald, “deems that up to 285m punts [the older Irish currency] stuffed under Irish mattresses, inside piggy banks, salted away as souvenirs in shoeboxes or in latent bank accounts, are still legal currency.”
“Holders of the old currency are invited to visit Clones and hand over their punts in exchange for blue and yellow laminated vouchers which are then usable at any of the 45 businesses that have signed up for the scheme.” Continue reading



SA Time: Friday, 25 May 2012 8:41:14 PM



