Monday 18 December 2017

Government failed to consider other options

A writedown on our debt would do us a lot more good than all the pats on the head, writes Willie O'Dea

As we watch the developments in Greece and the pressure being applied by Angela Merkel and Nicolas Sarkozy on Greek Prime Minister George Papandreou and the Greek government, we should reflect on the fact that one year ago, it was us in the firing line.

Back then, the EU's less than dynamic duo decided that the cheapest way to halt the attacks on the euro was to fight the markets on Irish economic soil.

Ireland's economy was thrown to the wolves in the nominal cause of defending the euro, though the real purpose was to defend the big continental European banks, particularly the German and French ones.

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