Monday 20 November 2017

A huge burden is lifted -- now it is up to us

The agreement reached by European leaders early yesterday morning, allowing the European Stability Mechanism to directly recapitalise failing banks, is the best piece of economic news this country has received for a long, long time.

Indeed it stretches back to the previous government's disastrous decision to unconditionally guarantee the deposits and bonds of the Irish-owned banks in September 2008.

Ever since the bank guarantee this country has been running faster and not even standing still as the ever-mounting cost of bailing out the banks, now up to €63bn, more than wiped out the effect of any spending cuts or tax increases.

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