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.
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.