Greece loan package requires Irish legislation
Compared to the billions going to the banks (and perhaps soon needed for Quinn), the mere €450m that we will lend to Greece “centrally pooled by the European Commission” may not seem like much. But according to Brian Lenihan –
“The costs of all countries participating, including Ireland, in this facility would be fully covered. Ireland’s participation would require national legislation.”
Now this government is good at ramming through legislation, and if independents like Finian McGrath weren’t balking at NAMAnglo, they are unlikely to question this one. But this is a loan going to a country with nasty debt dynamics. So who is covering the cost of Ireland’s participation?