So what can we do with the economy?
Published 05/11/2011 | 14:07
It should now be as clear as daylight that the debt burden that has been piled on the Irish State is unsustainable.
While the €115bn "official" national debt might be just about manageable, the €150bn in emergency central bank lending -- both from ECB and Irish Central Bank, the €30.6bn of bank promissory notes and the €30bn of NAMA bonds, which between them raise the real liabilities of the Irish state to approximately €300bn -- may have to be restructured.
However, between now and then the Government must move to change the balance of the fiscal adjustment planned for the next three years.