independent

Friday 25 April 2014

Debt bonding

The news, heralded by some as good, that Ireland has raised €2.5bn in a bond issue is somewhat baffling.

The reason I say it's baffling is because it also comes with the news that €7bn was available and at a rate lower than the terms of the bailout programme.

Considering that the country is being crippled by a higher rate, does it not make sense to take all that is offered and clear some of the debt at the higher rate?

Furthermore, when one considers the assertion that the €3.5bn in "savings" in the Budget was merely written off by the Central Bank, then one can hardly be blamed for considering this latest "issue" somewhat suspicious.

Ireland, through the current Government, appears to be fastened to what I would describe as a perpetual debt spiral. Is this good enough? Should I pay for what appears to be such economic incompetence?

Given the recent news that the Government has "found" an extra €200m in taxes amid all the talk of reducing garda numbers and new nurses being subjected to a constitutionally suspect cut in pay and conditions, I must ask, what exactly is the purpose of paying tax?

With reports that the IRA is growing and of marauding gangs of criminals, surely now is the time to recruit more gardai with this newfound wealth? I would challenge the new conditions of the nurses but for the fact we have a health minister who seems committed to privatisation of our health service; so I can figure that one out for myself.

Dermot Ryan
Athenry, Co Galway

Irish Independent

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