Sense of entitlement is a tyranny that has led to death of Fianna Fail
We thought that Civil War politics was dead, but this debacle shows just how wrong we were, writes Jody Corcoran
Published 21/11/2010 | 05:00
Three months ago, on August 25, when an international ratings agency downgraded the credit worthiness of Ireland, it became clearer than ever that the State would be unable to honour its debts.
What debts they are: €90bn and rising, or, if you prefer, €90,000,000,000: €50bn to recapitalise the banks -- is it now €70bn? -- and €40bn to meet the liabilities of Nama, the bad bank.
With an interest rate of, say, five per cent, that's comfortably €4bn-a-year due, before we even get out of bed; such crippling debt -- a debt crisis -- to be doubled soon, when this €100bn bailout is inevitably drawn upon; such debt will cripple the country for generations to come.