The Germans say it's all Ireland's faultQuote:
Wolfgang Schauble, Germany's powerful federal minister for finance, has said it is all Ireland's fault its banks collapsed, plunging the economy into a deep recession, and absolves reckless European bondholders of all blame.
In a frank interview for a new documentary called State Secrets and Bank Bailouts, Schauble dismisses claims that European bondholders should be made share in the responsibility for unsustainably pumping up Ireland's banking system with billions.
"The cause in Ireland is something Ireland itself created – not Luxembourg, not France, not Germany, but Ireland – and it benefited from it for some time," Schauble claims.
"Then everyone has to bear the consequences of a wrong-headed policy."
Wolfgang Schauble, Germany's powerful federal minister for finance, has said it is all Ireland's fault its banks collapsed, plunging the economy into a deep recession, and absolves reckless European bondholders of all blame.
Everyone should solve their own problems. If everyone swept in front of their own door, the whole neighbourhood would be clean," the German politician added.
Everyone for themselves. Sweep your own doorstep.
Fine, the only point is that the Irish Central Bank is part of the ECB, independent of the Irish or any other political process. Ultimate regulation of the Eurozone banking sector lay with the ECB. Reports went to ECB in Frankfurt every month for years showing the property concentration of the Irish bank's balance sheets. Every month every year 2001-2008 and beyond.
Let's not rewrite history.
http://www.independent.ie/business/world/the-germans-say-its-all-irelands-fault-29105380.html