Government wasted €1.2bn
Sir -- Minister for Transport Leo Varadkar was talking tripe when he said the sky would fall in if we didn't pay the €1.2bn payment to Anglo Irish Bank bondholders.
Contrary to what he said, householders wouldn't have had to pay much higher utility bills and mortgages.
There wouldn't have been a resulting increase in borrowing costs for banks and semi-State companies.
He was also wrong when he said that the Troika spoke with "one voice" on this issue. It's well known that the IMF has always taken a different position than the ECB.
On this matter, the IMF seems to take a more rational view -- because it is not against the private sector taking a hit and bondholders taking their medicine.
I agree with what Independent TD for Dublin North Central, Finian McGrath, said, when he stated that the Government was given a mandate to deal with bondholders and to bring about reforms on this issue.
I think it's quite clear to everyone that people did not want to see the Government wasting €1.2bn last Wednesday paying Anglo bondholders, and it should "stare down" the ECB on this issue.
The figure of €1.2bn is the same amount that the Government is planning on raising through new charges and taxes like the Household Charge and VAT. Remember that when they come looking.
Pol O Cionsaligh,
Seantrabh, Baile Atha Cliath 9
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