Fionnan Sheahan: Looks like it's going to be Frankfurt's way after all
Published 01/04/2011 | 05:00
FRANKFURT 1 -- Dublin 0: Despite all their rhetorical flourishes during the 2011 General Election campaign about burning bondholders, the Fine Gael and Labour Party Coalition conceded to being unable to break ranks from their European partners.
Not surprisingly, the European Central Bank had different views about burden-sharing with senior bondholders as it had to think of the wider context of the impact on the entire eurozone.
Finance Minister Michael Noonan admitted the ECB had not bought the Government's argument and the "agreement was not forthcoming".