Workers Solidarity Movement

Tuesday 7th December will see the imposition of yet another vicious budget to protect the wealthy 1% and make the rest of us pay for the crisis. The WSM will be joining the 1% network which  will be meeting up at the Wolfe Tone statue at 5.30pm to join the left bloc protest at the Dail at 6.

A campaign against social welfare cuts and the attack on the unemployed by the Government got underway in Cork earlier today with an occupation by 100 people of Anglo-Irish Bank. Arising from a march opposing the looming cuts, the Social Welfare Defence Campaign arrived at Anglo-Irish and proceeded to occupy the front reception of the Bank.

A spontaneous occupation by 100 people of Anglo-Irish Bank in Cork has just come to an end. Arising from a march opposing the looming cuts, the Social Welfare Defence Campaign arrived at Anglo-Irish and proceeded to occupy the front reception of the Bank.

A Taiwanese news channel has produced this amusing (were it not so serious) animation that tells the story of the rise of the Celtic Tiger and the bank bail now in process.  It gets some of the historical context right - the famine and mass migration - but sometimes it has an odd view of Ireland. They reckon we we will be back to driving ox-drawn carriages - someone should tell them about the donkeys.  It shows bankers holding a gun to the state's head and a beer-drinking Cowen is later depicted as a leprechaun who is knocked to the ground and kicked by angry protesters, as is a Fianna Fáiler giving out cheese (but it's Edam rather than Cheddar).

It has been revealed that the changes in tax credits contained in the IMF/ECB four year austerity plan will hit low paid and average paid workers far harder than the those who earn hundreds of thousands.  A worker on 36,000 a year will pay around ten times as much extra tax as a percentage of their income than a banker earning 300,000 will.  In real terms both pay exactly the same, 1860 euro.  The independent think tank TASC has produced a short report which graphically illustrates the deepening of inequality that is contained in that aspect of the four year plan.

Having announced their decision to sack 1,200 teachers and an untold number of Special Needs Assistants last week, the government has swiftly followed it up with a plan to make unemployed teachers and other school staff work for free.

Despite freezing temperatures, an estimated one hundred thousand people were on the streets of Dublin today to take part in the ICTU demonstration against the draconian four year plan, which is raising taxes on low paid workers, slashing wages, social services and cutting social welfare.  The WSM took part in the demonstration with the 1% Network, highlighting the wealthy 1% of the population who own 34% of the wealth, and pointing out that only a general strike can force them to back down from making us pay the full costs of the crisis.

Anarkismo.net has announced that a demonstration is being held in Paris, France tomorrow to coincide with the ICTU demonstration in Dublin under the slogan of 'Solidarity with the Irish people'.  The demonstrations called by 8 French organisations will be taking place at the European Union offices of bld Saint Germain, the organisers include the WSM's sister Anarkismo group in France, Alternative Libertaire.

Recently bond holders in Anglo Irish Banks agreed to a voluntary reduction to 20% of face value on 2017 junior bonds.  This morning the ISDA Determiniation Comittee (International Swaps and Derivatives Association) announced that this constituted a restructuring credit event, triggering CDSs (Credit Default Swaps) on Anglo Irish Bank.  Restructuring credit events trigger what is known as the "Small Bang Protocol" for CDSs which cover some events which are not complete defaults.