Editorial: Deal on our bank debt should be top priority
FORMER Taoiseach John Bruton has suggested we will have to continue with austerity for at least the next 10 years.
That, he says, is a result of our approval in a referendum of the Fiscal Compact, an EU deal in which we agreed to keep within defined limits for our public spending – and for our debt. A former Minister for Finance and EU Ambassador to Washington, he is certainly well-placed to have a view – and it is our monstrous national debt that is the problem, he has suggested.
We simply need to keep paying it back to get down to the levels agreed. These may well be the rules. But they completely ignore the political reality.