Occupy Belfast will be holding a rally this Saturday outside the former Bank of Ireland building at 2pm. Following the rally there will be a public general assembly whereby all are invited to participate in the discussion on where next for the movement. There is a stall including leafleting outside the building every day at 1pm if anyone is interested in getting involved.

 Occupy Belfast seized the initiative Monday by re-possessing the former Bank of Ireland building in Royal Avenue gaining media coverage both here and across the world. Around a dozen protestors including a WSM member entered the building, unfurled banners and put up barricades despite early attempts by the police to illegally evict us. A WSM member who took part gives us his views on the occupation below.

Months of intense resistance by ordinary people in Greece appear to have resulted in a partial victory. The EU crisis summit conceded that bond holders be forced to shoulder 50% of their losses. This did not come easy, Greek workers have staged several general strikes and Athens has seen day after day of large scale rioting.

The contrast with Ireland is clear. Here the union leadership called off token resistance in the first months of the crisis and workers passively marched, shrugged their shoulders and went home. As a result the ordinary Irish worker alone, the majority of 'the 99%', have shouldered all the costs. Bond holders will scontinue to have their failed gambles covered. Next week alone another 700 million will be handed over to the Irish & global 1% to cover their losses in Anglo. This is our ‘thanks’ for being the poster boys for austerity across Europe.

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.

Eric Cantona, French actor and former footballer, has recently been calling for a run on the banks.  The idea is that the bankers generated this crisis and since our democratic institutions are either incapable or unwilling to hold the bankers accountable, we should take matters into our own hands.

Last Friday we reported on the mounting crisis of Ireland's sovereign debt bond yields. Particularly how the announcement of Lenihan's "Shock and Awe" 6 bn cuts plan had failed to move the markets.  This week, as bond yields have moved from the business pages onto the front page, the search for an explanation for this failure began. By the middle of the week, the story was set - blame the Germans!