Friday 28 July 2017

Refusing credit will turn our problem into a crisis

DON'T ask for credit as a refusal often offends. The warning used to be quite common in the days when the shop was often a lender of last resort.

It is less common now – although probably making a comeback, but Michael Noonan may find its equivalent in the window when he next visits Unter den Linden – or a few other government seats in Europe.

That appears to be the position regarding a "backstop" loan facility for Ireland as it prepares to exit the bailout and take its first full, faltering steps in the market for government bonds. It is, to put it mildly, an extraordinary state of affairs.

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