Wednesday September 23, 2020

SELLING DEBT, BUYING TIME

Last week’s bond auction once again revealed the deep hole that Ireland’s finances are in, but it has bought the government some time

25th September, 2010

For any stretched borrower, knowing that your credit card is still accepted is little comfort when the interest rate keeps shooting up.

Unfortunately for Minister for Finance Brian Lenihan and John Corrigan, chief executive of the National Treasury Management Agency (NTMA), the advice given to other stretched borrowers - cutting up the credit card as the first step to repairing the damage - is not an option.

For the government’s spending to continue, so must...

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