Stephen Kinsella: Noonan is right to reject credit line – we have €21bn in 'a sock' if needed
SOMEWHERE deep in the bowels of the Department of Finance, a man is staring at a crumpled-up list. On the left of the man's list are the 'pros' for Ireland asking the EU and the IMF for a precautionary credit line to ease Ireland's transition back to normality. On the right of the list sit the 'cons' for taking this credit out.
The pros include calming markets, conforming with other bailout countries – like Portugal next year and Hungary before us, as well as a host of developing countries – and obviously the cash would come in handy if we needed it.
But we don't.