Thursday August 13, 2020

A deal won't solve everything

Striking a bargain on the promissory notes would be a big help, but it will not be a panacea for Ireland's shaky prospects of growth, writes Conall MacCoille.

3rd February, 2013
Few harbour realistic expectations that the ECB will write down the €31 billion principal. Photo: Bloomberg

Reports that the European Central Bank (ECB) has rejected proposals to restructure payments to the former Anglo Irish Bank (IBRC) have stoked fears that the government will be forced to stump up another €3.1 billion in March. Failure to reach agreement may be seen as a political defeat. But the political risks are probably greater than the economic implications.

Far from an exorbitant interest cost, the notorious promissory notes actually represent the most cheaply funded...

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