The bank bailout will sink us Sunday Business Post
Well, they’ve been caught out badly again. The Taoiseach and his Minister for Finance, that is.The EU’s rejection of the government’s botched attempt to hide the Anglo Irish Bank bailout from the annual deficit figures has done more than leave Fianna Fáil figures with red faces - it could damage confidence in Ireland’s credibility and it exposes the reckless cost of the government’s banking strategy.
When presenting the government’s budget plans last December, the Taoiseach justified the exclusion of the bailout costs for Anglo Irish Bank from the deficit figures on the basis that this should be counted as a financial investment, and not government spending.
This has now been exposed as total rubbish by the EU.
Eurostat, the official EU statistical body, has decided that €4 billion poured into Anglo Irish Bank last year must now be treated as part of the annual budget. In essence, the EU is roundly rejecting the government’s delusion
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