Tuesday 19 September 2017

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

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.

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