Friday, April 13, 2012

An arrogant German lectures the Irish in Dublin.

One of the most senior ECB officials, Jörg Asmussen, has lectured the Irish over past policies and their mistaken belief that anything can be done to relieve the Irish Government and future generations of Irish citizens from the dreadful debt burdens that have so enriched Germany and once again impoverished the people of Ireland.

A report of the harangue may be found in this link to the Irish Times, some quotes from that report are here:

He noted, however, that the full cost of the promissory notes had been factored into the bailout programme.
“Any deviation from that programme should be considered very carefully indeed,” he warned.....

Acknowledging that the repayment of Anglo Irish Bank’s bondholders had been a “source of controversy”, he said the ECB viewed it as the least damaging option in ensuring that “no negative effects spilled over to other Irish banks or banks in other European countries”.
No senior bank bonds anywhere in the euro zone have been defaulted on since the crisis erupted in 2007.



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