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.
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.