Bondholders will be needed again
Sir --Congratulations to Colm McCarthy on his dispassionate and learned article on European Banking Reform (Sunday Independent, Feb 13, 2011). It is a pleasure to read a cogent article free from the usual exotic 'cult of personality' cheap-shot, solve-all suggestions favoured by a number of our more egotistical economic commentators. We need such measured and responsible journalism as never before!
Many commentators seem to conveniently forget that a goodly proportion of the bondholders are the people whom we wish would forget our recent failure to govern ourselves and, more importantly, actively buy our sovereign bonds into the future!
Ireland has been shocked into a sad place financially. It was not edifying to see the clear panic evident in those whom we put in charge when faced for the first time with the legacy of the sheer scale of their inadequacies and, very possibly, corruption.