Friday 24 November 2017

It's not default, it's be damned. . .

It's hard to keep up with the consensus these days.

We zipped through about four stages of grief for our so-called sovereignty over the last few weeks. First was fear -- "We may be forced to bring in the IMF -- that would be terrible". Then we moved quickly to acceptance -- "We should bring in the IMF. It's our only hope". Then on to even more acceptance -- "Notwithstanding the €85bn bailout, we are still going to have to default in the medium term". And then just as quickly we moved on to anger -- "Bringing in the IMF was a bad idea. We should have just defaulted".

None of this chopping and changing was helped by the fact that each Sunday evening for the last few weeks has seemed to bring fresh horror. While it used to be that the All Ireland Talent Show was the biggest worry we had on a Sunday, the day has now become a hellish vista of extended news bulletins whereby catastrophic things are announced. Last Sunday we learnt that the bailout we were reluctantly accepting was not the kind of bailout that the banks and the developers got, but a high-interest sub-prime mortgage for the nation.

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