The article that the Derek Scally putdown quote comes from actually has some interesting things to say about German lending to Ireland pre-2008.
Hibernocentric crisis narrative
That Germans saved and Irish spent in the past decade is one of those sweeping statements rarely challenged from which pundits have extrapolated their Hibernocentric crisis narrative. The Germans were effectively buying the drinks for the Irish, they say, and should thus share the blame, the cost and the consequences for the car now wrapped around the tree.
The trouble is that the financial data to support this argument is at best complex and patchy and at worst far less compelling than you might think.
Last March the Central Bank supplied The Irish Times with previously unpublished data showing that when the music stopped in 2008 it was Britain, not Germany, that was by far the biggest source of funding for Irish banks.
Even the infamous bondholders were, according to consolidated data sets, a quarter Irish and two-thirds non-euro area. The entire euro area, including Germany, held just 13 per cent of total Irish bank bonds. While the data available is far from complete or perfect, it presents a different reality from that peddled by the pundits.
It’d be nice if the IT could give us links for these publications, instead of doing that weird and stupid thing that the IT and II do of linking within the website and not giving external links.
Dear Irish Print Media,The internet enables you to use links. They are the footnotes of the internet. If you want to look like a serious newsite and not some spammy viagra pill site, please, use them.