Andy Storey – The European Central Bank Isn’t Going to Save Us

The ECB is not going to help the Irish people. “Where the ECB does lavish largesse, it tends to be to the benefit of the corporate sector, including already loaded Irish companies like Ryanair, which have been able to access cheap ECB loans in recent years.” In the end, the irish will have to help themselves.

Andy Storey is a lecturer in political economy at University College Dublin and a board member of human rights group Action from Ireland (Afri).

Cross posted from the Dublin InQuirer

Can the European Central Bank (ECB) act as an honest broker in the tracker-mortgage scandal? Fianna Fáil has suggested that it step in to oversee the response of the Irish banks and ensure that customers get the appropriate compensation.There is a whiff of naiveté (at best) about this proposal. It was the ECB that insisted the Irish government redeem the creditors to the Irish banks in full through the so-called bail-out in 2010, hardly the act of an institution committed to the welfare of taxpayers or the citizenry as a whole.

As a condition of that “bail-out”…

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