David McWilliams: All bets are off, so why pay for costly Anglo gamble?
Published 02/11/2011 | 17:00
TODAY we pay €700,623,555 to unsecured Anglo bondholders. This is a travesty because the Irish people do not have to pay this money under any circumstances. It is not covered in the EU/IMF deal.
The so-called investors have taken a punt and can't quite believe their luck that they are being paid. Anglo is not a bank. It has no deposits. It does not do any new business. It would not make any difference whether we pay or not. Events have overtaken us.
Before we talk about how the world has changed in the past day or two, let us just focus on the nonsense that is being peddled by certain people, the Government included, about paying the Anglo bondholders. Certain people suggest that if we did not pay this money to people who cannot be named, that there would be negative ramifications. What ramifications? We are paying back "professional" investors who gambled. What part of 'risk' do they not understand?