Sunday 19 February 2017

ECB forcing Ireland to pay the bondholders was like a hostage situation

Published 27/01/2016 | 02:30

Jean ClaudeTrichet: 'Bailouts were the consequence, not the cause, of the crisis.' Pic: Frank Mc Grath
Jean ClaudeTrichet: 'Bailouts were the consequence, not the cause, of the crisis.' Pic: Frank Mc Grath

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.

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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.

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