Tom Lyons only repeats the view of Germany's powerful federal minister for finance Wolfgang Schäuble. In a new documentary called "State Secrets and Bank Bailouts" aired last month in Franco-German TV network "arte" Minister Schäuble unambiguously articulates his understanding of the facts that caused the crisis in Ireland as something Ireland itself created – not Luxembourg, not France, not Germany, but Ireland – and it benefited from it for some time.
In the interview Schäuble concludes that Ireland now has to bear the consequences of its wrong-headed government policy in the past. Or with Richard Bruton words the problems buildup over years of government mismanagement and overspending as a results of exacerbated property fueled funding, where Irish people sold overpriced houses to each other now come home to roost.
In the interview Stephen Donnelly challenges Schäuble's widely accepted view in Germany for the causes of the crisis in Ireland and he blames primarily the ECB for Ireland's crises. Donnelly claims that it was actually the European Central Bank that held a gun to Ireland's head to force the country into its current predicament. And Donnelly now wants to force the German taxpayer to take on a much larger share of the Irish economic burden and pay more of Irish private and government debt.