Thursday 23 February 2017

It's no good saving billions if we're still dreading every bill landing on the mat

We’re praying that Finance Minister Michael Noonan, pictured here with ECB
chief Mario Draghi (right) has pulled a rabbit out of the hat with this deal –
and that he doesn’t let go of its ears
We’re praying that Finance Minister Michael Noonan, pictured here with ECB chief Mario Draghi (right) has pulled a rabbit out of the hat with this deal – and that he doesn’t let go of its ears

So, we managed to take a hacksaw to the ball and chain of the promissory notes. But there's a distinct shortage of people doing a conga in the street to frolic at our great escape.

There's a reason for that: the public, described as poorer but wiser by Enda, has learned caution about emergency measures rushed through under melodramatic circumstances. The last time we woke up to hear about midnight machinations, it cost €64bn.

Nevertheless, those crushing IOUs are now consigned to history, while another financial instrument takes their place. We can see the replacement is considerably less penal, even allowing for lengthier terms, but it's difficult to celebrate debts bequeathed to unborn children.

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