How Europe bounced us into the bailout that has crippled our State
In yesterday's 'Irish Times', some of the momentous events surrounding the bailout of November 21, 2010, were revealed for the first time by the paper's Economics Editor, Dan O'Brien. Mr O'Brien's article is based on interviews for a BBC Radio 4 documentary which he is presenting today. Mr O'Brien wrote as follows:
ON THE afternoon of Friday, November 12 last, a report flashed across the news wires. Citing a European Central Bank (ECB) source, it said at a meeting the previous day, Ireland had been pressured to tap the rescue fund set up earlier in the year for weak eurozone countries.
Over the following 16 days, an extraordinary series of events played out, culminating in Ireland being bailed out.
Although the risk of the State being pushed to that point had been on the horizon for two years, and it had loomed ever nearer from mid-2010, the government in November had no immediate funding needs.