Barroso’s claims are dishonest at best

European Commission President José Manuel Barroso incorrectly claims the euro currency was a “victim” of the problems caused by Ireland.

The Irish banks were irresponsible, but what triggered their greed was not only the almost-zero interest on their borrowings from French and German banks, but the infinite amount of money available to them.

German workers were frugal and saved their money, but they had an expectation of interest on their savings, and the only way German banks could offer this percentage was by finding idiots who would borrow big from them. Anglo were their first target, and the other Irish banks soon jumped on the merry-go-round.