Unreal expectations

With regard to broken promises on the economy by Fine Gael – It is far too early to judge the conduct of our financial affairs by Michael Noonan. He simply cannot impose burden sharing on bondholders in Irish banks at this time without first closing our budget deficit and then reviewing the situation with the ECB/IMF. It is all about timing and diplomacy. Ireland is in a mess. How can journaiosts claim that we are the pariahs of Europe when there is €>120 billion in the Irish banks at 1-2% from ECB and another circa €40 billion at unknown rates from the irish Central Bank? These simply cannot be rationally construed as hostile acts from a frustrated Europe.

The interest rate from the IMF/EU/ECB troika at 5.87% is too high but that can be negotiated down in time. Can’t pay won’t pay is future tense and depends on the conditions attached to the debt and the continued existence of the euro.