David McWilliams: Bit of something is better than all of nothing for ECB
Published 23/02/2011 | 05:00
The way things are going, by the end of next year, the interest payment on our total debts -- just the interest payments -- might well be 85pc of the 2010 income tax take. Income tax in 2010 was €14.125bn and with all the bank debt we are taking on, the interest payments by the end of 2012 will be €12bn per annum.
Our welfare state will collapse under the pressure of these debt repayments and before that happens there will be massive capital flight out of the country.
Now this should focus your mind over your cornflakes as to what is the big issue in the next 48 hours. It's not the economy, stupid as Bill Clinton said; it's survival, stupid.