ESM can ignite our economy
A debt-for-equity deal for distressed borrowers would put money back in people's pockets immediately, writes David McWilliams.
If the chink of financial light that shone from Brussels late last week can be used to address the growing mortgage crisis, then the news that the Europeans might cough up for the next round of mortgage defaults may be worth celebrating.
Make no mistake about it: the way the domestic economy is going and the way mortgage arrears are rising, there will be a need for further recapitalisation of the Irish banking system.
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