Banks leave SMEs high and dry
Why would the banks bother lending to risky exporters when they can make huge, easy profits investing taxpayers’ cash?
In his first public speech since being made governor of the Central Bank, Patrick Honahan - one of the finest economists we have ever produced - sounded almost apologetic about our overvalued currency. He made the point that if we still had the Irish punt, our exchange rate with sterling would be 1.18 and getting stronger by the day.
The overvalued exchange rate is a crucial part of economic policy, but it is never discussed publicly....
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