Banks – Whatever you’re having yourself

At the moment, I agree with Michael Noonan. However, I hope he is telling the ECB and ECOFIN that we will have to renege later unless there is debt restructuring. For non-specialists, A clear statement of the big picture debts to include sovereign and bank debts would make the situation clear.

For example, If as I have seen written (Kiberd) that we will owe about €170 to €200 billion by 2014, then at 5%, we cannot repay €8.5 to €10 billion per year in interest only from a tax take of about 35 billions.

Full Michael Noonan Interview on Rte Radio 1 Below