Sir, — I had to laugh when I read the comments by European Stability Mechanism chief Klaus Regling in his interview with The Irish Time (“ESM chief warns Ireland over austerity”, Front Page, July 26th).
Apparently, Ireland should be grateful for the “low interest rates on the bailout loans and ECB support for the banking system”.
Excuse me, but weren’t the loans originally made at rates widely considered extortionate, and lowered only belatedly to match those provided to Greece? And he thinks Ireland should be grateful for “support” for the banking system – ie loans, the repayment of which is crippling the country? The bailout was a rescue of German pension funds, British banks, and others who provided the means for Irish banks to lend as they did.
Without them, the Irish banks could never have engaged in their reckless behaviour.
It’s time for Mr Regling and the rest of the EU leadership to recognise that and relieve the burden on the Irish taxpayer. – Yours, etc,
MICHAEL McEVOY,
Rockland Place,
Newton,
Massachusetts.