Wednesday 7 December 2016

David McWilliams: Pouring more cash down banking black hole is theft

Published 24/11/2010 | 05:00

So the Government finally gave up the charade last weekend and asked for help from the IMF and EU. Following a week when everyone, save certain government ministers, seemed to know what was coming, it came as a great relief to the markets when Finance Minister Brian Lenihan made his announcement.

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When markets opened on Monday, the crisis was over. Bank shares were up, our bond spreads moved to levels only slightly above German bunds and investors were tripping over themselves to throw money into the Irish economy.

Hang on, that's not right, is it?

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