Brendan Keenan: Government will put off dealing with apocalypse
Published 09/05/2011 | 05:00
THE questions have been clear for quite some time, but the answers are still in preparation. That is not a situation designed to instil confidence, or good decision-making, but it seems to sum up the debate on the state of the country -- present and future.
The questions were posed again by Prof Morgan Kelly at the weekend, in his customary dramatic fashion. Put as simply as possible, the question is how can Ireland support the cost of its huge public finance deficit and its huge banking losses?
The widespread view is that it cannot. Eventually, some of the debt will have to be off-loaded to someone else -- lenders to the Government, lenders to the banks, the ECB, other eurozone governments -- in some form of default.