Ireland Puts Banksters on Trial

by Matt Stannard on January 31st, 2014

From Sarah O'Connor, through UK Reuters, comes this news today regarding Ireland's actions against the bankers that brought about that country's 2010 financial crisis:

Ireland put three former bankers on trial on Friday in its first such case since the financial crisis that forced it to accept an 85 billion euro (69 billion pounds) international bailout.
The three former executives of collapsed Anglo Irish Bank pleaded not guilty to charges of providing unlawful financial assistance by lending money to others to buy the bank's shares, boosting its stock price.
The high-profile trial of former chairman and chief executive Sean FitzPatrick and two other executives, Willie McAteer and Pat Whelan, could run for several months.
Ireland's banking crisis cost taxpayers more than 60 billion euros ($81 billion), or about two-fifths of national output, forcing it to take an emergency package in 2010 from the European Union and International Monetary Fund.
Though Dublin has now completed its bailout and growth has returned, it still has one of Europe's highest levels of national debt and has to implement more austerity to ensure its economy is on solid foundations.
"The major offence involved here is that Anglo provided certain financial assistance for the purchase of their own shares," Judge Martin Nolan told potential jurors, hundreds of whom showed up for selection.

As Ellen Brown wrote last November, the EU, ECB and IMF all demanded austerity from Ireland as a result of the economic crisis. "To avoid collapse, the government had to sign up for an €85 billion bailout from the EU-IMF and enter a four year program of economic austerity, monitored every three months by an EU/IMF team sent to Dublin." Public assets were auctioned off as well. 


Posted in not categorized    Tagged with Ireland, European Union, IMF, Austerity, Bankers


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