Stephen Kinsella: Let's refuse to pay that €3.1bn – it is the product of a mistake
It is now clear the Government's strategy of ingratiation with the European authorities in order to get a deal on our bank related debt is not working. Since taking office 18 months ago, the key issues the Government focused on were the budget deficit, mortgage arrears and a deal on the bank debt.
The Budget deficit appears to be narrowing, with October's statement from the Department of Finance showing an €8 billion primary deficit.
The mortgage arrears problem is still out of control. AIB recently showed the Oireachtas the details of its mortgage portfolio. AIB has 41,000 residential mortgages. Of these more than 9,000 are past due or now classified as impaired. The new insolvency legislation has yet to begin working on the ground for some of the most vulnerable in our society.