Emmet Oliver: Enda has to play his hand well in high-stakes poker
Published 25/03/2011 | 05:00
THE scale of Ireland's economic collapse and eventual rescue was summed up in one sum that circulated at yesterday's crucial EU summit in Brussels.
Portugal, population 10.7 million, is likely to need a rescue package of €70bn at most, while Ireland, population of 4.5 million, needed €85bn.
The difference between the amount Portugal may yet need and what Ireland is due to pour into its battered economy can be explained by a range of technical factors. But chief among those is one simple fact: Ireland has a catastrophic and expensive banking crisis, whereas Portugal, broadly speaking, does not.