News Letters

Monday 5 December 2016

A no-brainer

Published 31/10/2011 | 05:00

•I see the FF spokesman on finance has raised the question of whether Ireland might be better off with the Greek deal. I expect there will be a lot more discussion of that.

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Options are: (a) you have your debt halved but are forced to borrow from ECB/IMF, who insist on some austerity plan and limit how much you can borrow; or (b) you have to pay off all your debt and have an austerity plan so the markets will loan you money instead of the ECB/IMF. Markets limit how much you can borrow.

Naturally your interest bill will be twice as large under plan B, and austerity will be far worse since you are paying twice as much interest on twice as much debt.

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