Friday 20 January 2017

In debt we part

Published 31/01/2012 | 05:00

Before asking our lords and masters in the troika to defer €31bn of Anglo-Irish loans, the first thing we need to do is officially differentiate between genuine sovereign debt and bank debt.

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We probably should not default on sovereign debt, but after that we need to look at options. At this stage most bank bonds are in the hands of high-risk speculators who have purchased them at a huge discount. If we agreed to pay these speculators only what they paid for them, could that still be considered burning them?

It is high time our overpaid and over-privileged public representatives started representing the public.

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