Tuesday 24 October 2017

Thomas Molloy: The logic is mad but we'll benefit from Greek deal

The philosopher Friedrich Nietzsche once said: "I'm not upset that you lied to me, I'm upset that from now on I can't believe you." It is a sentiment that has often been expressed by many other people -- from friends and lovers to the bond markets.

The deal cobbled together for Greece this week falls into this category and this creates an opportunity and a challenge for Ireland. It is an opportunity because it will make it easier for the Government to argue that something should be done for us, but it is a challenge because many people already fear that Ireland or some other country will now follow in the footsteps of Greece and default on a large portion of its debts.

Taoiseach Enda Kenny was quick out of the traps yesterday when he popped up on Bloomberg television to promise that Ireland wouldn't do a Greece and force those holding Irish government bonds to take a loss.

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