Anger at Kenny 'mad borrowing' remark

Published Friday, 27 January 2012

Taoiseach Enda Kenny has been criticised over comments that the economic crisis in the Republic of Ireland was caused by people's "mad borrowing".

Mr Kenny told the World Economic Forum in Davos that easy credit had spawned greed, during a discussion on ways out of the country's worst recession on record.

He said: "What happened in our country was that people simply went mad borrowing.

"The extent of personal credit, personal wealth created on credit was done between people and banks - a system that spawned greed to a point where it just went out of control completely with a spectacular crash.

"The country borrowed over 60 billion euro (£50 billion) at excessive rates and the IMF eventually came in with the Troika."

The comments have angered politicians, who have accused the Taoiseach of speaking in direct conflict with his national address last year.

In December he said of the economic crash: "Let me say this to you all: You are not responsible for the crisis."

Niall Collins of opposition party Fianna Fail said Mr Kenny has let the Irish people down on the world stage.

"Taken in its entirety I think people will rightly feel let down," said the Limerick TD.

"To be let down abroad by our own Prime Minister is a very serious situation."

Meanwhile Padraig Mac Lochlainn of Sinn Féin called it outrageous for the people to be blamed.

The Donegal TD said: "He gave an address to the Irish nation in December, telling us it was not our fault, but to say this today was an absolute contradiction.

"This analysis that people in Ireland went drunk with credit, were reckless and they have to now be cleansed by a decade of austerity to clean them of their sins is very worrying."

However Fine Gael TD Damien English has defended the Taoiseach.

He said: "Every time he has spoken about this he has been very clear the Irish people are not to blame.

"He was trying to say this was bankers and certain types of people who lost the run of themselves and who left this country in the mess that it is in."

Comments

5 Comments

Peter in Armagh wrote (116 days ago):

That's it Kenny, blame the Irish people for an economic mess they have no control over and then gouge every last cent out of them. What else would you expect from a self-hating Irishman. Fine Gael and Labour are two frauds of political parties, made up of a bunch of self-serving hacks and huxter shopowners. If anyone thinks that bunch could solve a crisis they're living in la-la land.

honest comment in tyrone wrote (117 days ago):

whats the fuss-mr kenny told the truth

joe in United Kingdom wrote (117 days ago):

Kenny is spot on. Adults have choices and, while circumstances did not help, people take decisions and must accept responsibility for them. There may be others - banks and governments - who are much more to blame, but individuals made their own choices. Shame on Collins and Mac Lochlainn for jumping on a political bandwagon.

Frosty in Here wrote (117 days ago):

Poor old Ireland, enslaved for another 100 years, by the bankers this time. By the way, banks aren't reckless, they're ruthless. The financial crisis was a set up, designed to impoverish and to laden the many with the extravagances of the few and debts for years to come. Never underestimate the cruelty, the viciousness and the insidiousness of the enemy.

dc in Belfast wrote (117 days ago):

Enda's comment is correct. Some people mightn't like admitting it, it but they did spend way beyond their means during the boom times. Their personal greed and unrealistic expectations contributed to the overall economic crisis.