Lenders who fed bubble will share in the burden
Despite the EU/IMF's €85bn rescue deal, it's not a matter of if we default, but a matter of when, says Daniel McConnell
Out of the chaos of the past three weeks, comes next Tuesday's austerity Budget -- the first step in Ireland's long road back to recovery and ultimately the promised land of the markets.
After weeks of spiralling debt borrowing costs, denials that bailout talks were happening, then confirmation that they were, the arrival of the IMF team in Dublin to last Sunday's announcement, there is no doubting that we are living through a significant moment in our country's history.
The dread that has swept through the international financial markets since the beginning of the crisis in 2008 has descended on weak European countries in recent months. Confidence has ebbed away in the ability of some governments, including Ireland's, to repay their debts.