Former Fine Gael TD Peter Mathews
“When I was with the finance and public expenditure committee, meeting other committees in the Bundestag, we put to them information of which they were clearly not aware. These people are on the budgetary committee of the Bundestag, with a €300 billion budget.
I put it to them that the loan losses in our banking system were 60% of our national income or GDP. If the same problem had arisen in Germany, it would be a €300 billion part of its GDP. We were being asked, silently, to bear this load, which was wrong.
The ESRI equivalent in Germany was not aware that the three elements of debt in this economy comprised private household debt and non-financial corporate debt as well as the sovereign debt, which is the focus of the fiscal compact.
Our private household debt and non-financial corporate debt is twice the size of that of Greece, …What is happening today is really a shame. We are boxed into the old traditions.”
Peter Mathews, February 12, 2012
Previously: Peter Mathews Goes Rogue