Friday 15 December 2017

Lighten burden of the taxpayer

HOW we deal with a crisis is how we define ourselves. Yesterday's gloomy pronouncement by Standard & Poor's that it sees Spain, Ireland, Greece and Portugal as "stuck in recession" suggests that the quicker we start engaging with Europe the better.

Today Fine Gael's finance spokesman Michael Noonan will meet EU Commission President Manuel Barroso to assess the scope for manoeuvre concerning the terms of the bailout.

As the EU battles to contain the sovereign-debt crisis the burning issue is how much of the bill should be put around the necks of taxpayers. Yesterday international financier George Soros rowed in behind Ireland's cause, stating: "It's patently unjust that the Irish people should absorb all the losses made by the banks and that the bondholders should be totally free, and that I think will have to be modified."

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