Tuesday 6 December 2016

John Drennan: Unrealistic promises but minimal change

This Government runs the risk of being seen as an administration of Quislings, writes John Drennan

Published 16/10/2011 | 05:00

One can only hope that Bill Clinton is not sensitive. Last week as the establishment cooed at his presence, the last American President to be associated with prosperity told the economic forum that "the last big decision" Ireland had to take was on the mortgage debt crisis.

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As the former US president prophesied, "the quicker you flush that out, the quicker you're going to generate small business and domestic demand and growth"; in a scenario where 10 per cent of Irish mortgages are in effective default, the logic was unassailable.

Indeed, when it comes to this Government, the economic, and more important still, the social consequences of long-term mortgage distress have been recognised by fiscally literate ministers such as Michael Noonan and Joan Burton.

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