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Only a miracle can save financial system from complete meltdown

MICHAEL Noonan talks the talk, but last Wednesday the only walking he did was backwards. It confirms that the EU is running the show. The light we saw flicker at the end of the tunnel has been blown out and is unlikely to be rekindled any time soon.

The new Government had an opportunity to deliver on its election promises. It failed abysmally on one of the key issues. It didn't renegotiate the EU/IMF deal to withhold repayments to the senior bondholders, as promised. It might have been shot down in flames had it persisted with this approach. But it would have preserved its credibility at home. Its proposed bank reorganisation is a whitewash, and only intended to distract us from the cover-up of what is going on at the highest level in Europe.


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