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Published on Mar 14, 2012
On 31st March, €3.1 billion will be paid to the Irish Central bank as a result of a promissory note that was written by the Irish government. Over the next 20 years, a total of €30.6 will be paid, with a further €16 billion of interest which will need to be borrowed by the state, leading to even further spending cuts.
This video explains what a promissory note is, how the Emergency Lending Assistance came about, and just how much this illegitimate and unsustainable debt will cost the Irish state.