• July 9, 2015


Former Taoiseach (Irish Prime Minister) Brian Cowen has told the Joint Committee of Inquiry into the Banking Crisis that Ireland was “bounced” into the Troika bailout in 2010. The term Troika, is used to describe the European Commission, International Monetary Fund and European Central Bank, who formed a group of international lenders that laid down stringent austerity measures when they provided, or promised to provide bailouts, for European countries – such as Ireland, Portugal, Spain and Greece – in the situation that developed after the 2008 financial crisis.

In a revealing insight into the undemocratic behaviour of these institutions and as reported by Irish broadcaster Raidió Teilifís Éireann (RTÉ) he also accused the European Central Bank and the EU of anonymous and “unacceptable” briefings that Ireland was going into a bailout before formal negotiations had begun. The evidence given by Brian Cowan again exposes the pressures put on democratically elected governments by the Troika.

It highlights the situation facing Greece at this time exposing the unfair terms of bailouts forced on Greece by the Troika. The unelected European Central Bank, based in Frankfurt, has a history of interfering in the democracy of other nations. By means of threats and bullying it had already brought a technocratic administration into power in Greece prior to the election of Syriza. One that was prepared to do its bidding and impose a massive programme of austerity. The result of which was the election of Syriza by a Greek people who had had enough. A government that many European leaders and institutions have been desperate to undermine ever since it came to power. They would like nothing better than to to see the return of an obedient technocratic administration in Greece.

Link – https://www.rte.ie/news/2015/0708/713362-bank-inquiry/

(Article source CL member Alistair Kneale)

J B Moffatt (Mr)

Director of Information
Celtic League



The Celtic League was established in 1961and has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues


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