January 20, 2011

A visibly angry European Commission President has rejected suggestions that terms of Ireland’s EU bailout would make vassals of Irish taxpayers, insisting that Ireland was responsible for its own problems.

Socialist MEP Joe Higgins had described the EU’s Permanent Stability Mechanism as nothing more than a mechanism to cushion European banks from the consequences of reckless speculation in the Irish market.

He told Commission President José Manuel Barroso that Europe was being led around by the nose by the financial markets.

However, the Commission President said Ireland’s problems were created by some Irish financial institutions and by a lack of supervision in the Irish market.

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