Saturday 21 January 2017

Let’s go for lifeboats now rather than later

Published 11/05/2011 | 09:34

THE arguments put forward by Morgan Kelly should certainly be considered separately. On the first point, exit from the bailout deal, a very high degree of uncertainty and risk prevails as to the merits of his argument.

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On the second point, balancing our books now, we should collectively forge an urgent degree of unanimity. Ireland has no real future either as an economy or as a negotiating partner until its books balance. We can put off that reality to no gain and significant potential loss in terms of consequent increased borrowing until 2015, or we can face that reality now.

When the Titanic started to sink, there was no advantage in spending the couple of extra hours waiting for the ship to sink rather than taking to the lifeboats immediately. Of course, there was a negative price. Uncomfortable as it may be, Ireland should face reality now rather than later while our export lifeboat is still afloat.

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