Sunday 19 November 2017

What happened to all the brave talk of burning bondholders?

Forget Michael Noonan's posturing -- he is merely implementing the last government's policies, writes Willie O'Dea

IN the days since Michael Noonan announced the latest attempt to revive our moribund banks, we have seen and heard a number of new ministers tell us that there is no change in policy on the bondholders.

Senior unguaranteed bondholders, they tell us sternly, cannot be touched. The seriousness with which they tell us that there is no change in policy belies the simple reality that this line is one of the biggest political jokes of the decade.

There most certainly is a change in policy -- and it is a seismic change. It is not a change from the last government to the new Government; it is a change from opposition to government.

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