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Comment #571533 by SeanNorris

SeanNorris Aug 26th 2012, 1:01 PM #

It seems to be a given at this point that this letter exists even if it does not appear on any schedule of correspondence, it would not be the first time that something was left off a list. There also seems to be a general concensus on the content and tone of this letter so I wonder what publication 2 years after the event will other than giving the government of the time a measure of vindication of their actions and about 2 weeks analysis, commentary and rehash of what happened and what should have been done etc. etc.

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Will Noonan publish the ECB letter that forced Ireland into a bailout?

Will Noonan publish the ECB letter that forced Ireland into a bailout?

Fianna Fáil has called on Michael Noonan to publish Jean-Claude Trichet’s letter himself, after the minister said it should be released.


    Favourite Chris Gardiner
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    Aug 26th 2012, 2:01 PM

    The truth needs to come out into the light of day and then see what happens. Trying to hide the truth is wrong.

    Favourite Sean O'Keeffe
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    Aug 26th 2012, 3:13 PM

    The myth persists that Europes institutions (the ECB in particular) are trying to assist Ireland and other periphery nations through this crisis.
    The ECB implemented monetary policies designed to aid recessionary core nations, which continued to inflate credit bubbles in periphery nations prior to the crash in 2008.
    After the crash, the ECB bullied periphery nations to ensure the fallout from their bursting credit bubbles did not impact core nations. As one example, prior to Greeces last elections, the ECB threatened to stop ELA funding to some Greek banks (similar to the alleged threat made to Ireland). This threat precipitated a run on Greek banks which spread to other periphery nations.
    The fact is Europes institutions have not been honest, or neutral, brokers in this crisis. They have stepped outside their mandates to inappropriately exert political influence. This letter could present further evidence of this conduct.
    The Irish people are shouldering the burden of a crisis caused in part by the ill-designed Euro and core nation-friendly European institutions. The Irish people have a right to know what is contained in all correspondence between our government and Europes institutions. It’s contents should inform decisions made with respect to our ongoing relations with the the EU/ECB (like for example, surrendering our fiscal sovereignty to Europe).


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