Tuesday 17 October 2017

Ambrose Evans-Pritchard: Brave Ireland is poster-child of EMU cruelty and folly

Taoiseach Enda Kenny with his EU counterparts, German Chancellor Angela Merkel and French President Francois Hollande
Taoiseach Enda Kenny with his EU counterparts, German Chancellor Angela Merkel and French President Francois Hollande

IT has endured a fiscal squeeze of 16pc of GDP. It has stabilised the colossal debts left from taking on the gambling losses of Anglo Irish Bank at EU behest, that is to say from shielding German, British, Dutch and Belgian lenders from systemic contagion at a critical moment.

It has clawed its way back to market credibility, issuing bonds at respectable rates. “Our last issue of routine 3-month treasury bills was at 0.26pc, not quite what Germany gets but very low,” said finance minister Michael Noonan.

It was spared serious contagion from last week’s anti-austerity revolt in Italy, evidence of sorts that the Celtic Tiger is off the sick list. Deo volente, it will be the first of the EMU victim states to regain its sovereignty by early next year and escape control of the EU-IMF Troika, though it will answer to inspectors for another 20 years and the yet unborn will be paying off the €67bn of Troika indenture until 2042.

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