Monday 20 February 2017

Brendan Keenan: Debt relief, not fiscal probity, is best way to restore confidence

Published 13/09/2012 | 05:00

TO everything there is a season, and a time to every purpose under heaven. The season for talking about debt relief, and engaging in the purpose of getting it, is upon us.

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Most of the talking, though, was done out of season, quite some time ago. It was all the rage in the immediate aftermath of the crash. The talking -- sometimes shouting -- was largely irrelevant, since nothing could be done about debt at the time.

Commentators were right to point out what was coming. Government gross debt of €80bn when the crisis struck will reach €190bn next year. Government assets have more than halved from €36bn to €16bn.

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