Simply the worst choice but everyone is turning to Tina
Our Government is still justifying bad choices by pretending we have none, writes Eamon Keane
Published 17/04/2011 | 05:00
THE Tina crush. Brian Lenihan had it and now Michael Noonan has it. 'There Is No Alternative' is a favoured line of governments when confronted with alternative points of view. Tina was Maggie Thatcher's response to any policy change she didn't like. Now we hear it whenever anyone questions whether we should pay the massive debt burden arising from the EU/IMF deal.
In Iceland they have just blown the Tina mantra out of the water. Last week, in a second referendum, their citizens voted No to paying off the debts of their private banks.
In the lead up to the 2008 crisis Icelandic banks ran up billions of euro of debt. Unlike Irish citizens, Icelanders actually got to vote on this crucial issue. In March, they said No to a deal that would have seen them paying the debt back at 5.5 per cent interest rate. Last week, the rate was cut to 3.3 per cent to entice them to vote Yes. They still voted No.