Tag Archives: Ollie Rehn


Labour MEP Nessa Childers has called for EU economics commissioner Olli Rehn to resign over the Cypriot bailout.

She described as a “terrible mistake” the €10bn deal which includes small Cypriot depositors with less than € 100,000 in the levy on bank accounts.

Ms Childers has written to Europe an Commission President Jose Manuel Barroso asking for Mr Rehn’s resignation over the “fiasco”.

“It is simply unfair, undemocratic and could even lead to a bank run in other parts of Europe,” she said in a statement today.

The decision to impose losses on small depositors “crossed an extremely important red line in the crisis” and “must be reversed immediately”, she said.

Ms Childers says while the ECB, IMF, Cyprian government and all finance ministers involved share the blame, the blunder by Mr Rehn come after “years of failed austerity policy” presided over by him.

Childers seeks Rehn resignation over Cyprus (Genevieve Carberry, Irish Times)

(Sam Boal/Photocall Ireland)

The possibility of German, Finnish or Dutch MPs disputing a new debt deal for Ireland is emerging as a prime concern among European negotiators as preparations advance for a review of the Irish bank bailout.

Although EU leaders have given the go-ahead for a fundamental revision of the rescue scheme in the autumn, parliamentary approval will be needed in many countries for an extension of European aid to Ireland.

EU economics commissioner Olli Rehn said after a meeting last week of euro zone finance ministers that the EU-IMF “troika” will table a formal proposal in September in anticipation of a final deal in October.

Damn. And just when we’d pre-ordered our new Batman collectibles, too.

Concern grows over possible opposition to debt deal (Arthur Beesley, Irish Times)

(Mark Stedman/Photocall Ireland)