Inside the Room

Inside the Room
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March 2011: Enda Kenny and Eamon Gilmore have just formed a coalition government between Fine Gael and Labour. Ireland’s banks are broken, unemployment is heading for half a million, the public finances are in deficit, international lenders rate Ireland as ‘junk’ and the country is in an IMF bailout. As Tánaiste in the new Coalition, Eamon Gilmore was at the heart of every major economic decision taken during his term, and as Minister for Foreign Affairs and Trade was primarily responsible for restoring Ireland’s international reputation and trade connections. In his extraordinary political memoir of these dramatic and turbulent times, Eamon Gilmore writes frankly about the political price the Labour Party has paid for some of their choices, reflects on the circumstances that led to his own resignation and assesses the prospects for Ireland’s continued recovery, including the risks which could yet blow Ireland’s economy off course.

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Eamon Gilmore. Inside the Room

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INSIDE

THE ROOM

.....

No vote was called at the end of the debate at about 2 a.m., so I decided to make the Labour position crystal clear the following morning at Leaders’ Questions. I told the Tánaiste, Mary Coughlan, that if the fundamental objections raised by Labour were not dealt with to our satisfaction, we would not support the Bill. ‘That would be most unfortunate,’ she replied, ‘but it is a matter for the Labour Party.’

Throughout that next day, Joan Burton, Pat Rabbitte, Michael D. Higgins and Emmett Stagg battled the Labour case, but the necessary assurances were not forthcoming. It would be some days later before we learned that so-called ‘dated unsubordinated debt’ was covered by the guarantee, amounting to a windfall for those who had been speculating in this form of bonds in the months before the guarantee.

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