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

27th November, 2010

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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