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We have been well and truly burned

SO, what just happened with the promissory notes? In essence, the Government just negotiated a deal on your behalf which moves your 20-year mortgage to a 35-year interest-only mortgage, with the full amount due at the end. And the interest rate will be lower for the next few years. Sounds good. But here's the thing: The mortgage is for someone else's house. And they burned the house down in 2008. And instead of paying it to some dodgy back-street lender who had no way to make you pay it, you now owe it to the Revenue Commissioners.

The Government insists you should be grateful, because you'll pay less for the next few years. They're hoping you'll forget about the other details. I was discussing the new deal with fourth, fifth and sixth class students in Bray on Friday morning. They thought those other details were pretty important. So they should – they're the ones who will pay for Anglo and Irish Nationwide. They're the ones who will pay for someone else's burnt-out house. Why? Because this Government insisted to Europe that the IOU should be honoured. And because this deal gives them good news for today's voters. By the time the students in Bray get to vote, this Cabinet will be enjoying their pensions.

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