Thursday October 22, 2020

COMMENT: State in a tricky position on debt debate

Protests are being made today about the payment by AIB of €1 billion to unsecured, unguaranteed bondholders. The government is in a tricky position explaining this, writes Cliff Taylor.

1st October, 2012
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Politically, the message is simply not appreciated elsewhere that a portion of the money loaned to us is going straight back out of the country again to overseas depositors and bondholders, writes Cliff Taylor.

Protests are being made today about the payment by AIB of €1 billion to unsecured, unguaranteed bondholders. The argument is going along the same lines as has been the case for previous payments.

The protestors argue that it is "not our debt" while the government and the banks argue that not making the payments would hurt our international reputation and endanger support for the country from the EU and IMF and also funding support for...

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