Monday 5 December 2016

A positive step on a long, tough journey

Published 22/07/2011 | 05:00

Ireland's broken economy can often appear beyond repair, its problems too complex and diverse to be addressed by even the most innovative financial solutions, from home or abroad. But despite endless talk of defaults and 'lost decades', there is a way out.

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Ireland's debt burden, while daunting and epic in scale, is serviceable and in certain circumstances reducible. But servicing our debts, or reducing them, is going to take time and iron commitment. It is also going to be a very long journey, with lots of detours and delays.

However, the start of that journey began in Brussels last night. The complex agreement announced at the European Council summit offers Ireland the chance to effectively dig itself out from under a crippling debt burden.

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