German opposition grows to prom note deal

The deal between the government and the ECB to restructure €28 billion of our bank debt directly contravenes EU Treaty rules, according to former ECB man Jurgen Stark.

17th February, 2013

The deal between the government and the ECB to restructure €28 billion of our bank debt directly contravenes EU Treaty rules, according to Jurgen Stark, a former ECB chief economist. The Irish Central Bank must quickly sell down the holdings of Irish government bonds it took on as part of the deal, he has said - a move which would sharply reduce the financial benefits of the agreement for Ireland.

Amid growing criticism from Germany...

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