The treaty introduces an exit clause for members wanting to withdraw from the Union. This formalises the procedure by stating that a member state must inform the European Council before it can terminate its membership. There has been one instance where a territory has ceased to be part of the Community (Greenland in 1985).
There’s no such thing as a non-recourse home mortgage in Ireland. The guy who pays too much for his house is not allowed to simply hand the keys to the bank and walk away. He’s on the hook, personally, for whatever he borrowed.
When a bank forces an Irish person into receivership, a notice is published in a national and a local newspaper—ensuring the bankrupt’s widespread shame. For as many as 12 years the person is not permitted to take out a loan for more than 650 euros without disclosing his bankruptcy status or own assets amounting to more than 3,100 euros, and part of whatever he earns may pass to his creditors at the discretion of the court. “It’s not like the United States, where being bankrupt is almost a badge of honor,” says Patrick White, of the Irish Property Council. “Here you are effectively disbarred from commercial life.”
« Older The NWOBHM produced many influential bands, but pe... | 50 Years Ago This Week, Bob Dy... Newer »
This thread has been archived and is closed to new comments
Buy a Shirt