Advisor admits Ireland was bullied by EU into unfair debts

Sceala Philosopher Location: Dublin

Like I told you back in 2007 without hindsight, we Ireland, were bullied by the EU central bankers.
Ireland must call the bluff of the EU Bully.
And like I told you Ireland was not just a victim of German bully boy bankers as was presented, but by the British and French bankers also.

Ireland was bullied to protect corrupt and incompetent British German and French banks.

I also told you how this Government was just as bad as the last, the only real difference being they are even more gutless and EU lapdogs.

Former EU official admits Ireland was bullied and treated badly.

Former advisor to the European Commission describes EU's treatment of Ireland in financial crisis as 'outrageous'
RTE Listen

A PROMINENT former advisor to the president of the European Commission has described the EU's treatment of Ireland throughout the financial crisis as "outrageous".

Philippe Legrain – who was personally headhunted by Commission president Manuel Barroso, below, in 2011 to advise him on economic strategy – gave a damning condemnation of what he said amounted to "bullying" by the EU.

"It was outrageous of Germany, the European Commission and above all the ECB to threaten to force Ireland out of the euro if it did not follow through with that foolish guarantee, lumbering Irish people, who have already suffered enough from collapsing house prices and a sinking economy, with a €64bn bill to bail out bust banks, €14,000 for every man, woman and child," said Mr Legrain, who left his job at the Commission earlier this year to release a book condemning the EU's handling of the financial crisis.

"Ireland's partners abused the fact that it desperately wanted to be part of the euro".

"I understand why the Irish government did what it did (agreed to implement a bank guarantee) but they could have stood up for themselves . . . the European Central Bank would have blinked," the former London School of Economics academic added.

Promises

Ireland's only chance to mitigate some of this damage is by getting some of its legacy bank debts written off, he said. The Department of Finance has not made any progress on this issue so far, despite repeated promises of a deal by Finance Minister Michael Noonan.

"The State must use any leverage it can to negotiate a write-off," he said. "Its best weapon is any proposed changes to EU treaties – because Ireland constitutionally has the right to hold referendums on these changes and can use this as a bargaining tool." Any decision that Germany really wants which requires a unanimous decision from all member states could be used as leverage, he said.

"Ireland needs to play hardball now. It's in a much better position, borrowing at record-low borrowing rates".

Mr Legrain said the eurozone has been built along German lines. "The Commission has failed in that it has been much too keen to align with Germany," he said.

Fundamental flaws in the European banking model still have not been resolved seven years after the crisis emerged, he added, and the much-hyped stress tests due to be carried out on banks later this year are unlikely to help.

The equity/debt ratios these stress tests look at are far too low, he said, adding that the ECB, which will soon take over the direct regulation of big banks like Bank of Ireland, AIB and Permanent TSB, is a deeply flawed organisation.

"Throughout the crisis, the ECB has furthered the interests of French and German banks and proved itself to be unimpartial."

Legislation designed to wind down banks and prevent a "too big to fail" situation is also flawed, he said, because national governments still have the right to veto the forced closure of banks in their jurisdiction.

independent.ie/business/irish/irish-were-bullied-and-treated-outrageously-during-crisis-legrain-30250226.html

And do you know why you, Ireland, is treated this way, why Irish Government officials just nod and bow to the EU. Why they not only stood by and allowed their so called fellow Irish nationals to be bullied, but actually colluded and presented the bullshit excuses to deflect reality.

So their farmer friends continue to receive outrageous EU Dole subsidy to grow their petro chemical produced crops and produce.

Irish farmers like all EU incentivised farmers no longer walk the land, at least not to do any work, the only time they get out their cabs, is to fill in the forms for their next subsidy.

A handful get rich and we all subsidise them, many of these Irish politicians have connections to land owners, when not themselves.

Because they are bias and have vested interests, they are not fit to make laws for all of us, who are forced to pay for a few.

Ireland and the EU. the Myth revealed. The EU owe the Irish

Like I said this is a European wide disease, where a already wealthy few, are being subsidised by the rest of us ordinary regular PAYE workers.
EU farm subsidy to uk farmers

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Advisor admits Ireland was bullied by EU into unfair debts