While the bailed-out banks continue to pay out millions in bonuses to the fat cat executives, it is a very different story for working class people. A record 1,000 people are expected to declare bankruptcy this year in Northern Ireland. The Land & Property Services (LPS) which collects rates on behalf of the Northern Ireland Assembly Executive has dragged a staggering 46,611 people before the courts in the last financial year because they could not afford to pay rates.
At the beginning of April, leading members of the CWI from Europe, as well as from Pakistan and Israel, met to discuss developments internationally, and in Europe in particular. The following thesis was discussed there and adjusted according to the discussion.