Brendan Keenan: Optimists in charge are banking on a rosy future
Published 30/11/2010 | 05:00
IN a situation like this, it is natural to err on the side of pessimism. In the same way that people find it hard to believe that booms will ever collapse, they find it hard to believe that slumps will ever recover.
Now, however, one has to choose one's pessimist. The despair of the financial markets appears to be absolute. One British analyst used Ian Paisley's "Never, never, never!" phrase to describe the chances of the UK government being repaid by Ireland.
We can take that as the extreme end of the pessimist spectrum. It says that Ireland will never be able even to replace and repay these relatively small loans by borrowing on the financial markets.