The announcement that the Irish banking sector needs another €24 billion, that’s €24,000,000,000 in real numbers or another €5,500 for every Irish man, woman and child, is another sign of the capitalist crisis in the state. Standard and Poor’s one of the main international credit agencies has now downgraded Ireland by a further point.

Some commentators described it as a “democratic revolution.” They were not talking about the current uprisings in parts of North Africa or the wave of mass demonstrations across the Middle East. Rather they were talking about the results of the 26-county elections, which saw the dominant force, Fianna Fail reduced to a mere handful of seats, 20 in all.

Join us!

Help build the forces of Marxism worldwide!

Join the IMT!