Business Irish

Saturday 21 April 2018

Anglo revelations spread across the globe

Sarah McCabe

Sarah McCabe

THE Irish Independent's Inside Anglo exclusive was picked up by media outlets around the world just hours after its publication, refocusing global attention on decisions made at Irish banks that many hoped would be forgotten.

"Anglo Irish bankers 'tricked' government into bailout" read the 'Daily Telegraph' headline. The British newspaper said the tapes showed an Anglo Irish Bank executive admitting the institution "suckered" the Irish Government into a bailout.

"Irish banking, blood will boil edition", said the 'Financial Times' Alphaville blog.

Coverage was also critical of the bank guarantee agreement entered into by the Irish Government in September 2008, as well as the bailout deal ultimately reached with the EU and IMF.

'The Telegraph' said the bank guarantee "brought the entire Irish economy to its knees" while 'The Wall Street Journal' said Ireland was "forced" to strike a bailout deal.

Global news agency Reuters said the bailout "cost the country its economic sovereignty".

Some were highly critical of the two executives at the centre of the firestorm. "The mix of frivolity and cynicism here is astonishing," said Paul Murphy of the 'Financial Times'.

Leading financial news agency, Bloomberg, reported that "The two Anglo Irish executives could be heard laughing and joking on the tape".

Reactions from the Government got global attention, too.

"Ireland's PM: Determined to launch inquiry into country's banking crisis" said 'The Wall Street Journal' headline.

Much was made of Enda Kenny's comments on "the rage and the anger" of Irish people.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business