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In 2010, Jean-Claude Trichet, left, then the E.C.B. president, met with Brian Lenihan, the Irish finance minister then.
REUTERS

“The Documents have now been released, showing the Builderberg Banksters were using mafia tactics against Ireland and other European governments to rob power and take control”.- Aaron Dykes
*Above quote is not affiliated with the original article.

LONDON — Newly released documents suggest that Ireland was pressured into a controversial 67.5 billion euro bailout that left taxpayers rescuing crippled banks, reigniting a fierce debate about the international aid that Dublin accepted after the financial crash.

An exchange of letters, released by the European Central Bank after one was published by The Irish Times, show how Ireland’s government was left with little alternative but to apply for the bailout, which amounted to $84.5 billion and led to sweeping cuts in public spending and years of austerity.

The documents, dating from 2010, also show the European Central Bank’s role in determining the scope of the aid program. One indicates that the central bank, based in Frankfurt, threatened to cut off emergency support for Ireland’s failing banks unless the country applied for an international rescue.

At the time, the eurozone authorities were determined to protect senior bondholders from losses in order to preserve confidence in the European banking system, a policy that was reversed in other cases as the debt crisis wore on. That specific issue was not referred to directly in a letter written by Jean-Claude Trichet, who was then the president of the European Central Bank, to Brian Lenihan, who was the Irish finance minister at the time and died in 2011. The letter was sent two days before Ireland sought its bailout from the European Union and the International Monetary Fund.

Written by STEPHEN CASTLE
Read more at The New York Times

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