Tag Archives: bailout

Briefing notes also reveal that Mr Geithner was acutely aware of allegations – made here in Ireland [by economist Morgan Kelly] – that he had personally vetoed plans to burn Irish bank bondholders.

…A note told him to expect questions from Mr Noonan about his contact with the IMF on the matter and that the Taoiseach faced “sharp domestic criticism” after admitting to not asking President Obama about it during the Presidential visit.

The documents also reveal that Mr Geithner came under political pressure on Capitol Hill due to worries that Ireland might default on its International Monetary Fund loans.

Senators wrote to the Treasury Secretary over their concern that the US might be lending to a country that had behaved irresponsibly.


Documents Show US Concern Over Irish Bailout (RTE)

IRELAND CLEARLY needs further financial assistance on “non-market terms”, the chief economist with Citigroup, Willem Buiter, said during a visit to Dublin.

The former member of the monetary policy committee of the Bank of England said the most attractive option from Ireland’s point of view would be a reduction on the interest it pays on an outstanding €30 billion in promissory notes, issued mostly to deal with the collapse of Anglo Irish Bank.

OR we could ‘restructure sovereign debt’, he suggested.

OR we could ‘revoke the government guarantee on bank debt’, he posited.

OR we could ‘consolidate all our monthly outgoings into one easy, manageable payment’, he might at least have added for the laugh.

State Needs Further Bailout, Says Bank Expert (Irish Times)

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Minister for Social Protection Joan Burton has said there needs to be a public inquiry into the events that led to the EU/IMF bailout.

Her comments follow former Minister for Finance Brian Lenihan’s remarks in a BBC radio documentary, that the European Central Bank ‘forced’ Ireland to take the bailout.

Ms Burton says all those who sat around the Cabinet table of the last government need to come before a Dáil inquiry to answer questions about what happened.

Joan Burton Calls For Bailout Inquiry (RTE News)

“I have a very vivid memory of going to Brussels on the final Monday and being on my own at the airport and looking at the snow gradually thawing and thinking to myself: this is terrible. No Irish minister has ever had to do this before”.

The former Irish Finance Minister, Brian Lenihan, in his first major interview since the Irish bailout last November recalls his feelings as he prepared to sign up to the 85 billion euro bailout – a deal which would end Ireland’s economic sovereignty.

Listen here.

(Photocall Ireland)