“Ireland has paid 42% of the total cost of the European banking crisis, at a cost of close to €9,000 per person, according to Eurostat. The full extent of the burden should strengthen the Government’s demands for a deal on the bank debt, although Germany is especially reluctant.
The figures show that while the banking crisis cost Berlin €40bn, Ireland is liable for €41bn. With fractions of the population and GDP of the EU’s biggest state, the crisis has cost Ireland 25% of GDP and Germany 1.5%. Taoiseach Enda Kenny is due to speak in the European Parliament today on the country’s work during its six months at the helm of the EU and is expected to address bank debt and the need for solidarity.
Labour MEP Nessa Childers urged him to point out that the bank debt is neither just or sustainable and must be written down if Ireland is to exit the bailout programme.