ECB gave Ireland an ultimatum, inquiry told

The IMF’s chief bailout official has accused the ECB of blocking an €8bn Irish plan to burn bondholders, putting its interests ahead of the country’s, and ultimately worsening the economic crash by forcing Ireland to “stand behind” the banks.

Former deputy director of the IMF, Ajai Chopra, made the claims as he repeatedly hit out at other members of the troika on the final day of the banking inquiry’s public hearings.

Speaking to the cross-party group in a voluntary capacity, Mr Chopra said the European Commission and ECB “worsened the crisis” through a series of measures which forced the country to shoulder an unfair amount of the debt burden facing the continent.