The Chancellor of Germany Angela Merkel expressed outraged at the bankers of AIB, Anglo Irish Bank which tricked Ireland into a bailout. The executives were caught on tape making jokes that their lies will attract German savings into the bank, and put the Irish government on the hook. After Ireland guaranteed the bank losses, the country itself needed a bailout from the EU, IMF and ECB. Ireland is still in recession with unemployment at 14%.
The German chancellor delivered a strong condemnation of the revelations, which have emerged in recordings of Anglo Irish management as they discussed a 2008 bailout by the Irish state, followed soon after by a full-blown rescue of the country by international authorities.
“I really have nothing but contempt for this,” said Merkel. “It really damages democracy, the social market economy and everything that we are working for.” Sounding outraged, three months before a general election where Germany’s role in shoring up the eurozone will be a sensitive issue, Merkel added: “This is simply very hard to swallow for people who go to work normally every day, who earn their money.”
In one excrutiating exchange on the tapes, an executive giggles as a colleague recites “Deutschland über Alles” to mark the fact that an Irish guarantee of bank deposits had lured German savings to Dublin.
The Irish Prime Minister Enda Kenny, admitted in the wake of Merkel’s comments, at a summit of European Union leaders on Friday, that the furor had damaged the country’s standing.
Describing the revelations as a “thunderbolt”, the prime minister said: “This has damaged our reputation.” The tapes were leaked to the Irish Independent just as the country ends its six-month rotating presidency of the EU.
“The tapes, Kenny said, “show the contempt and the arrogance and the insolence of senior personnel working in that bank towards everybody, towards government, towards citizens, the impact on every company, every community, every family in our country. They shine a bright light on the vulgarity of what went on there.” (AP).
Merkel at G8
The German Chancellor Angela Merkel, Phd (Physics) is seen pictured at the G8 summit of the world’s industrialized nations. As leader of the largest economy in the EU she has alot of say in the bailouts of Ireland, Portugal and Greece.
The European Union which comprise of twenty seven nations formed part of the troika involved in the bailout of Ireland. Recent audiotapes showed that Irish bankers at AIB, duped Ireland into bailing out the failed bank.
Bankers at the bailed out Anglo Irish bank are pictured above. Audiotapes showed that the bankers lied to the Irish government to secure a bailout, by making up figures of how much money it will need. Ireland itself then required a bailout from the EU, IMF and ECB.