Ongoing investigation on bailout troikas

Othmar Karas and Liem Hoang Ngoc, the two Members of the European Parliament (MEPs) tasked with looking at the problems surrounding the work of the so-called troika (EC, ECB and International Monetary Fund) in Greece, Portugal, Ireland and Cyprus visited Portugal on 7 January 2013.

Mr Karas said Portugal was showing signs of recovery.

The delegation was set to continue its work in Cyprus, followed by Greece and Ireland.

Greece was scheduled as the first visit but was cancelled at the last minute on 7 January 2014 by European Parliament President Martin Schulz and Greek Prime Minister Antonis Samaras.

EUObserver reported on 13 January 2014 the delegation had heard allegations that the troika bullied Portugal and Cyprus during the bailout negotiations.

On that same day, in a two-hour long grilling by MEPs in Strasbourg, EU economic affairs commissioner Olli Rehn defended the work of the troika of international lenders.

• Primary Source

ESO: Background information: MEPs point to conflicts of interest within troika http://www.europeansources.info/record/meps-point-to-conflicts-of-interest-within-troika/

ESO: Background information: Draft Report: Enquiry report on the role and operations of the Troika (ECB, Commission and IMF) with regard to the euro area programme countries, December 2013 http://www.europeansources.info/record/draft-report-enquiry-report-on-the-role-and-operations-of-the-troika-ecb-commission-and-imf-with-regard-to-the-euro-area-programme-countries-december-2013/

EUObserver, 13.01.14: Troika bullied Cyprus and Portugal, MEPs say http://euobserver.com/institutional/122695

European Commission: RAPID: Speech, SPEECH/14/14: Mr. Olli Rehn at the ECON Committee Hearing on the Troika Report http://europa.eu/rapid/press-release_SPEECH-14-14_en.pdf

EUObserver, 14.01.14: EU commissioner defends work of bailout 'troika' http://euobserver.com/economic/122713

---