Daragh McDowell: Bonfire of the bondholders comes too late
But there is talk of a consolation prize for Ireland regarding the promissory notes, says Daragh McDowell
IT'S hard to believe, but just last month the word was that the eurozone had finally been saved.
With the Merkozy alliance shattered, Hollande in the Elysee and potential catastrophe averted after Greece voted "the right way", the eurozone appeared to have garnered enough breathing space for Italy and Spain to risk a showdown with Germany.
With France's tacit support for the rebels, Merkel blinked and made a few vital policy concessions that finally shifted Europe off the disastrous course it has been taking for the past three years and towards something approaching a growth policy.