Brendan Keenan: Taking the most expensive bitter pill in our history
Published 19/11/2010 | 05:00
IF reports are right, and the EU/IMF provide potential loans of €100bn to Ireland, it would be one of the biggest rescues ever mounted -- equal to three-quarters of national income.
The international media, and even the analysts, will goggle at such a figure. But then, this is no simple crisis. The complications of the Irish rescue will make anyone head's spin.
There are, in fact, two rescues under discussion. Everyone agrees that the first -- the latest attempt to restore the banks to normality -- is under way. It took Central Bank governor Patrick Honohan to spell that out plainly, and one suspects he was not a happy man.