Sunday Independent worth buying to read Colm McCarthy ( and the rugby)

Colm McCarthy wrote the following in the Sindo in reply to Professor Kelly’s immediate budget balance demand:” The budget cannot be balanced overenight, although it certainly should be addressed far more rapidly than the government intends. This should start with an emergency budget before the Dail adjourns in July. Nor can we walk away from the sole available lender, but it is surely time to cut out payments to unguaranteed and subordinated bank bondholders.

If the EU and the ECB want to pay them the €20 billion still outstanding, that is their affair. Our government needs to explain that Ireland cannot be expected to place its sovereign bondholders in further jeopardy in pursuit of a band-aid solution to the European banking crisis.

Comment: I agree with McCarthy. We should start signalling what the reality will be for the Germans. If the Germans want to ram their export markets onto the rocks. Go right on ahead but they will won’t have an Edith Piaf moment – it will never be a case of “Je ne regrette rien”