News Analysis

Sunday 4 December 2016

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.

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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.

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