Brendan Keenan: Blood, sweat and fears in battle for eurozone
Ireland's bailout may be on track but the deficit means we won't see the end of the line for a long time
Published 26/08/2012 | 05:00
MY favourite Churchill quotation is the one about the end of the beginning, as distinct from the beginning of the end. It is very clever -- and, even more, it fits so many situations.
There it was, popping up again, when I read that "credit default swaps" on Irish government debt had fallen to the levels which obtained before the 2010 bailout.
It is difficult to know what to make of these complicated thingummies. They are generally described as the cost of insuring against borrowers not repaying their loans. That is their ostensible purpose but, as with most things in the financial industry, there is more to it than meets the eye.