The deal we should do
The suggested bailout interest rate of 6 per cent (or even 5 per cent) on the €85 billion ‘rescue’ package would, if agreed, simply kick the default ball down the road for another day, and beggar us all
As the Taoiseach and his ministers unveiled their four-year economic plan last Wednesday to a nervous and fearful public, government bond dealers watched anxiously.
For them, many of the right notes were being struck: the leaders of a government teetering on the brink of collapse weren’t shirking from presenting a detailed four-year hairshirt programme of fiscal consolidation -and as ambitious a one as the markets could ever have expected.
Against that background, the...
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