Irish Taxpayer Sacrificed to Prop Up Eurozone Banks
German ECB Board Member Speaks Truth
ECB Press Office Erases Remarks from Transcript

On Thursday Dublin hosted a speech by Jörg Asmussen, a member of the Executive Board of the ECB, which in monetary and fiscal terms is now effectively the ruling neo-colonial power in Ireland, with German financial ‘advisers’ having been present in the Irish treasury for four years. Herr Asmussen was until January the advisers’ boss as State Secretary at the German Finance Ministry, responsible for Fiscal and Macroeconomic Affairs, Financial Markets and European Policy. When he speaks the Irish political and financial elite listen.

What they heard him tell them in a speech to the IIEA think-tank was a technocratic “steady as she goes”. Praising first the painful in the short-term reductions in state spending (10% cut in 2011) and the consequent expansionary fiscal contraction which has seen economic growth return and the trade deficit closed. Asmussen then spent a lot of time justifying why Irish taxpayers will have to bailout Anglo-Irish Bank bondholders for decades. The need for that long-term pain is not credible. 

Guido has long argued that the bailout of Anglo-Irish Bank was done to protect the investments of German banks (see Is the ECB Forcing Ireland to Protect German Investments? October 2010, Feck Off Euro-Socialists November 2010).

In a crucial section of his speech (audio at 27 mins 30 secs) Herr Asmussen says:

“The decisions concerning the repayment of bondholders in the former Anglo Irish Bank have been a source of controversy, decisions taken by the Irish authorities such as these are not lightly taken and the consequences of subsequent actions are weighted carefully, it is true that the ECB viewed it as the least damaging cost to fully honour the outstanding senior debt of Anglo however unpopular that may now seem, the assessment was made at a time of extraordinary stress in financial markets and great uncertainty, and protecting the hard won gains and credibility from the early successes in 2011 was also a key consideration and the main reasoning was to ensure that no negative spillover effects would be created to other Irish banks or to banks in other European Countries.”

Note that last line emphasised in bold. In October 2010, days after the then Irish finance minister refused in parliament to name Anglo-Irish bondholders, Guido revealed the bondholders list in a story that was followed up worldwide. German institutions figured prominently.

It is, as Herr Asmussen says, a matter of great controversy in Ireland that future generations of taxpayers have been sacrificed on the altar of the Euro to protect German banks. Could that be why the official transcript of the speech erases his candid admission?

“… Protecting the hard-won gains and credibility from the early successes in 2011 was also a key consideration, to ensure no negative effects spilled-over to other Irish banks.”

The shameful truth is that Irish politicians of all parties have gone along with the Bundesbank / ECB’s efforts to prop up their banks and the Euro project at the expense of their own people’s interests. Another small nation on Europe’s periphery – Iceland – let its banks default and has undergone an awesome recovery. Ireland got it from the horse’s mouth on Thursday, the ongoing bailout pain is for the greater good of other banks in Europe.

Hat-tip:  SpreadBetting.com via Declan Ganley



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Liam Fox shreds Cameron’s Calais scaremongering:

“Sad and disappointed to see our Prime Minister stoop to this level of scaremongering, especially as he knows the Calais agreement is nothing to do with the EU and agreed between the two govts”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

SADIQ LOSES IT WITH BBC JOURNALIST OVER TFL FARES SUMS SADIQ LOSES IT WITH BBC JOURNALIST OVER TFL FARES SUMS
FRENCH GOVERNMENT DISPUTES CAMERON ON CALAIS FRENCH GOVERNMENT DISPUTES CAMERON ON CALAIS
EX-LABOUR MINISTER COMES OUT FOR BREXIT EX-LABOUR MINISTER COMES OUT FOR BREXIT
EU GOING TO PAY FOR THAT? EU GOING TO PAY FOR THAT?
TORY MPS PAN CAM’S CALAIS SCAREMONGERING TORY MPS PAN CAM’S CALAIS SCAREMONGERING
LEAK: LANSMAN MOCKS “CLUELESS” UNITE CHIEF LEAK: LANSMAN MOCKS “CLUELESS” UNITE CHIEF
CARSWELL: “NOT GOING TO CRITICISE FELLOW EUROSCEPTICS” CARSWELL: “NOT GOING TO CRITICISE FELLOW EUROSCEPTICS”
SUNNY DAYS AHEAD FOR SCRAPBOOK SUNNY DAYS AHEAD FOR SCRAPBOOK
HOW MANY MPS DOES IT TAKE TO CHANGE A SOAP DISPENSER? HOW MANY MPS DOES IT TAKE TO CHANGE A SOAP DISPENSER?
KEN PREDICTS MCDONNELL WILL BE NEXT LABOUR LEADER KEN PREDICTS MCDONNELL WILL BE NEXT LABOUR LEADER
Don’t Criticise Fellow Brexiteers Don’t Criticise Fellow Brexiteers
EU CABINET GUIDE: WHITTO MOVES UP, GOVE TORN EU CABINET GUIDE: WHITTO MOVES UP, GOVE TORN
PROTESTER CHUCKS DILDO AT MINISTER PROTESTER CHUCKS DILDO AT MINISTER
LEAVE 9 POINTS AHEAD SINCE DAVE’S DEAL LEAVE 9 POINTS AHEAD SINCE DAVE’S DEAL
VENEZUELA FORCED TO FLY IN PLANELOADS OF CASH VENEZUELA FORCED TO FLY IN PLANELOADS OF CASH
SILLY SAUSAGE: TORY MP’S COMMONS DOUBLE ENTENDRE SILLY SAUSAGE: TORY MP’S COMMONS DOUBLE ENTENDRE
SRAELI EX-AMBASSADOR ‘LATE NIGHT VISITS’ SCANDAL BREWING SRAELI EX-AMBASSADOR ‘LATE NIGHT VISITS’ SCANDAL BREWING
UKIP WARNS OF RISK OF TURKEY JOINING EU UKIP WARNS OF RISK OF TURKEY JOINING EU
HIGHEST-EARNING MP DIDN’T NOTICE £400,000 INCOME HIGHEST-EARNING MP DIDN’T NOTICE £400,000 INCOME
BORIS’ NEW BALDNESS-BATTLING BARNET BORIS’ NEW BALDNESS-BATTLING BARNET
GUIDO’S FASHION TIPS: GET THE GRASSROOTS OUT UNIFORM GUIDO’S FASHION TIPS: GET THE GRASSROOTS OUT UNIFORM
BORIS AND FARAGE PAN DAVE’S RED CARD BORIS AND FARAGE PAN DAVE’S RED CARD
WHEN CAMERON AND OSBORNE LAUGHED AT A ‘RED CARD’ WHEN CAMERON AND OSBORNE LAUGHED AT A ‘RED CARD’
SADIQ DUCKS CITY AIRPORT ROW SADIQ DUCKS CITY AIRPORT ROW
DIRE POST-DEAL PAPERS FOR PM DIRE POST-DEAL PAPERS FOR PM
FABBERS’ VOMIT-INDUCING EUROPHILES REVEALED FABBERS’ VOMIT-INDUCING EUROPHILES REVEALED
UNION BARON: “ALL THE TORIES ARE AN ABSOLUTE DISGRACE, THEY SHOULD BE TAKEN OUT AND SHOT” UNION BARON: “ALL THE TORIES ARE AN ABSOLUTE DISGRACE, THEY SHOULD BE TAKEN OUT AND SHOT”
STELLA THE ‘HASH SMOKING MOROCCAN TOURIST’ STELLA THE ‘HASH SMOKING MOROCCAN TOURIST’
CORBYN BROTHER’S BIZARRE RESPONSE TO DEATH OF MAN AND 4 YEAR OLD SON: “LOL” CORBYN BROTHER’S BIZARRE RESPONSE TO DEATH OF MAN AND 4 YEAR OLD SON: “LOL”