ECB forcing Ireland to pay the bondholders was like a hostage situation
Published 27/01/2016 | 02:30
The EU's Court of Auditors has come out very strongly against the EU Commission's handling of Ireland's bailout, particularly the way the EU Commission backed - without reservation - the ECB's insistence that Ireland pay all the senior bondholders of the banks.
It also, rightly, concludes that the great Irish economic crash was predictable and preventable and yet the EU Commission - rammed to the rafters as it is with well-paid experts and economists - didn't see the crisis coming.
The report states the obvious, yet the obvious should be stated again: the bailouts and all the other emergency measures taken were the consequence and not the cause of the crisis.