Seven days that will tell our future
This week will tell us if we're facing the meltdown of the Eurozone, says Daniel McConnell
Published 17/07/2011 | 05:00
WITHOUT un-derstating matters, the next seven days will be the most crucial of Enda Kenny's term as Taoiseach so far. What is also clear: the last seven days have been among the most turbulent since the financial crisis began two years ago.
Since last weekend, we have had an emergency meeting of finance ministers last Monday; a Moody's downgrade of Ireland which seemed to flummox everybody; record-high Irish borrowing rates of 14 per cent; the IMF/EU/ECB Troika then giving Ireland full marks for taking our pain without complaining; a debt crisis in Italy; dubious bank stress tests and now the calling of an emergency heads of state meeting next Thursday.
This is meltdown, EU-style.