Wednesday 18 October 2017

Deal on debt is no reason to take our foot off the austerity pedal

THE Government's strategy is quickly becoming clear: extend the country's loans and hope for the best. Weary from years of late-night theatrics, the public and the markets will draw solace from the quick and painless agreement in Brussels yesterday. Europe seems to be slowly learning how to cope with the crisis without roiling the markets.

The logic is compelling. Nobody believes that we will be in a position to repay more than €10bn in 2015 and 2016.

The rest of Europe can see this quite plainly, which is one of the reasons why it has been relatively easy for governments here and in Portugal to secure a deal.

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