A demented game of pass the debt: and the winner is the ECB
That Ireland, Greece and Portugal are borrowing to loan to each other shows how crazy this all is, writes Willie O'Dea
Published 19/06/2011 | 05:00
WITHIN the space of a week, this Government went the gamut of EU ambitions. It started by running up the white flag on getting its targeted €450m saving on bailout interest and finished by announcing that it hopes to get the ECB to agree to let us impose burden-sharing on senior bondholders in Anglo Irish and Irish Nationwide.
I wish it well in its endeavours, but I would echo the Tanaiste's health warning: we cannot act unilaterally in this -- we need to convince others, namely the ECB.
This is all a very long way from the trips to Berlin and 'it's Labour's way or Frankfurt's way' quotes that a change in government would herald a cut in interest rates.