Sir, – European Commission President José Manuel Barroso has ruled out retroactive recapitalisation of the Irish banking system at least via Europe’s forthcoming banking union. Justifying this stance, which will probably also be applied to the ESM, Mr Barroso said it was the Irish banking sector that caused one of the biggest problems in the world and that responsibility at that time lay with Irish authorities; also it would be wrong to give the impression that Europe has created a problem for Ireland and that therefore Europe now has to help.
However Mr Barroso failed to mention that German, French and British banks fuelled the property bubble here by irresponsible (and for years profitable) lending to Irish banks, yet their loans – including several billion euro in unguaranteed bonds – have been repaid by the Irish taxpayer. Applying Mr Barroso’s own logic – that institutions and authorities should pay for their own mistakes – these European banks should have carried their own losses. Mr Barroso should be representing all of Europe not just Germany, France and other big countries.
The Government should call for Mr Barroso’s immediate removal over this hypocrisy. However, at the time of writing no Irish Government spokesman has objected to this double speak, and Enda Kenny is more likely to whine that “shure we all went mad borrowing” at the next European meeting than stand up for the people who elected him. – Yours, etc,
DONAL McGRATH,
Heathervue,
Greystones, Co Wicklow.
Sir, – European Commission president José Manuel Barroso’s assertion that the euro was the victim not the cause of Ireland’s financial meltdown is like claiming that potato blight was the victim of the Famine. – Yours, etc,
Dr JOHN DOHERTY,
Cnoc an Stollaire,
Gaoth Dobhair, Co Donegal.
Sir, – European Commission president José Manuel Barroso now blames Ireland for his euro problems. Big bad Ireland should now discard the currency and save the poor little old euro! – Yours, etc,
KEITH NOLAN,
Caldragh,
Carrick-on-Shannon,
Co Leitrim.
Sir, – Now José Manuel Barroso has left us in no doubt about a possible write-down of our bank debt, perhaps it’s time to open bilateral talks with Mr Putin regarding a discounted deal on our oil supply.
If nothing else, it would set the cat amongst the pigeons. – Yours, etc,
NIALL GINTY,
The Demesne,
Killester, Dublin 5.