Monday 11 December 2017

Let's cut a deal on our own 'fiscal cliff' – without all the late-night drama

As a newshound the Punt should love a bit of unnecessary drama if it can liven up a budget story.

No better example than the so-called "fiscal cliff" that US politicians spent the last couple of nights skipping along.

This time though, the world watched with barely disguised boredom as Republicans and Democrats engaged in bizarre efforts to each convince the other that they were willing to leap into the budgetary unknown, before both sides inevitably climbed down just in time to avert disaster.

We have no business mocking, of course. It's exactly the kind of late-night, caffeine-fuelled nonsense that the eurozone leadership is notorious for, if leadership isn't too strong a word.

So here's a request as we face our own "fiscal cliff" in March when the next €3.1bn payment is due on the Anglo Irish Bank "promissory note."

Michael Noonan says he doesn't want to pay, Mario Draghi says he must. Fine, they disagree. Each will need to compromise to cut a deal, fine again.

Just this once, though, can they please spare us the macho last-minute showdown?

There are three months left to a deal on the promissory note, surely that's plenty of time to reach an agreement without the drama.

Indo Business

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