Monday 26 June 2017

Medb Ruane: The banker who understands the real financial crisis...

The Yoda of
contemporary
Ireland: Patrick
Honohan. Photo: PA
The Yoda of contemporary Ireland: Patrick Honohan. Photo: PA

The New York Times gave Ireland a thumbs-up this week. "It is in no country's interest to lock Ireland into long-term economic ruin," it said. "Ireland's people have paid a terrible price."

The timing was great because it sends European leaders a strong message before next week's eurozone summit about what the NYT calls Ireland's "onerous bailout terms". So the omens are good. Support is being mobilised against penal interest rates, which basically enable the ECB and the IMF to almost double their money at the Irish people's expense.

The immediate question is how (and when) this will impact on daily life. On Prime Time, Central Bank Governor Patrick Honohan stressed that there are "... important human problems, family problems that need to be dealt with. When you're not talking about billions, you're talking about hundreds of thousands."

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Don't Miss