I don't suppose any of the present Irish guys has worked through this 460 page strong report by the Oireachtas about the banking crisis? Pretty damning report for the ECB, they are accused of strong-arming both Kenny's and Cowen's governments into accepting the foregoing of all creditors in the write-off of outstanding bad debt.
Not an accusation to be taken lightly especially since it was made by IMF program director Ajai Chopra, who confirmed the Irish view that at the very least €10bn in money that has been paid by the taxpayer could have and should have been paid by the respective bond creditors, mostly German and French banks. The report then goes on to accuse both Trichet and Draghi of claiming that this was a decision made by Irish governments despite evidence of Trichet stating if Ireland doesn't accept the conditions postulated by the ECB they will let a "bomb go off in Dublin".
Maybe this will lay to rest the notion that Greece was somehow responsible for its woes which was not an uncommon view around last summer as the events that took place and the narrative in the media were almost identical. Ireland's government is definitely at fault for deregulating its markets to the extent that made the crisis possible in the first place; but the blatant mishandling of the crisis after a number of Irish banks together with many of their German and French counterparts caused huge losses was definitely not just on the Cowen or Kenny governments. I say mishandling but really the crisis was processed 100% after the formula given out in Berlin and Brussels resulting in a massive redistribution of tax money to institutional lenders.
