Tuesday 6 December 2016

We must think outside the box to get country working

A strategy of unilateral default could become a one-way ticket back to the Stone Age, writes Jack O'Connor

Published 17/07/2011 | 05:00

IN A characteristically vitriolic attack on the trade union movement, laced with sarcasm and personalised abuse as usual, your columnist Shane Ross TD grossly misrepresented my address to the Irish Congress of Trade Unions in last Sunday's edition of the Sunday Independent. Character assassination is no substitute for democratic debate, and it says more about the perpetrator than those against whom it is directed.

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Mr Ross suggested that I might be coming around to his view on the question of unilateral default. This is not the case. I do not share his opinion on it anymore than I agreed with him on the 'cracking' figures Michael Fingleton and other paladins of our under-regulated banking sector were producing during the bubble years.

There is no moral justification for the proposition that we should have to pay for the recklessly accumulated debts of those at the top of the banking system. However, unilateral default is not a risk-free 'get out of jail' card.

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