Sunday 21 January 2018

Finally it's the turn of ordinary people – 'save banks at all costs' was never going to work

Winston Churchill: powerful message comes to mind
Winston Churchill: powerful message comes to mind

Vincent P Martin

'Save the banks at all costs' is the overwhelming message being pumped out by Frankfurt. To date, it has been Frankfurt's way only as the Irish people live with the consequences of a dysfunctional banking system and a broken economy.

But this week, the tide turned. The first debt settlement arrangement was brokered between a debtor and his creditors, when a Donegal man in his 40s, left struggling with a mountain of debt after his family business failed, availed of the new personal insolvency legislation.

New Beginning has thousands of prospective candidates for the varying types of insolvency on its books. Finally, it is the turn of ordinary people to unshackle themselves from debt and start over.

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