The European Central Bank (ECB) explicitly threatened in late November 2010 to cut off emergency funding from the Irish banking system, unless Ireland immediately applied for a bailout and agreed a programme of austerity and bank recapitalisation. The letter from then ECB president, Jean-Claude Trichet, to former finance minister Brian Lenihan – marked “secret” – was sent on November 19th, 2010. A copy has been obtained by The Irish Times. Its publication is due to be considered at a meeting of the ECB governing council today. The letter states that the governing council of the ECB would only agree to provide further ... (full story)