Friday 2 December 2016

How can we just ‘move on’ with so many left so far behind?

Published 24/05/2016 | 02:30

No longer seeking debt relief: Michael Noonan. Photo: Tony Gavin
No longer seeking debt relief: Michael Noonan. Photo: Tony Gavin

So now it’s official. Michael Noonan, the Finance Minister, last week stated that the €64bn bank recapitalisation, or debt relief, was not being pursued by the Government. Inexplicably, he further stated that he was against debt relief for any country, including Ireland.

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He seemed quite proud that we had received some relief by way of extended maturity dates and lower interest charges; those interest payments are now down to a mere €7bn a year, and our overall debt is now less that 100pc of GDP – something of the order of €150bn.

Finally, he said “the issues have moved on”, as things are now much better than they were in 2010. Mr Noonan’s latest admission of utter defeat and deference to our EU masters went totally unnoticed by the media, with not a peep or a hint of outrage in print or on TV.

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