Tuesday 12 December 2017

At last, our mandarins find a voice

THIS week, for the first time in four years, I began to think that perhaps, after all, our country is not doomed to a generation or more of economic misery.

My sudden excess of optimism did not derive from the latest lurch -- welcome, but still only a lurch -- of the EU leaders in their crab-like progress towards a solution to the European debt and banking crisis. It came from a different source, the heart of the Irish official establishment.

John Moran, secretary general of the Department of Finance, told Irish bankers some home truths. Specifically, he told them that the mortgage crisis cannot be resolved without massive writedowns for householders hopelessly in debt.

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