Friday 21 July 2017

We must pay heed to the strange cloud on horizon

The Government can't help save the euro, but it can choose wisely in budgetary terms, writes Marc Coleman

ON catching their first ever glimpse of Conquistador ships, Mayan warriors -- so legend says -- told their king there was nothing to worry about: they had merely seen "a strange cloud". This fatal mistake brought a final apocalypse down on their culture. We are now faced with a financial apocalypse that could alter our civilisation. Drastic action is needed, but will we act in time?

They may not succeed, but at least European leaders are confronting this challenge on Thursday. Will our leaders do likewise next Tuesday?

On July 17, 2006 -- after the ESRI had warned of a possible global recession -- I asked Micheal Martin and Brian Cowen if they would plan for the contingency the ESRI was warning about. "No," came the reply. Fianna Fail has since gone the same way as the Mayan civilisation.

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