Saturday 25 November 2017

So what can we do with the economy?

It should now be as clear as daylight that the debt burden that has been piled on the Irish State is unsustainable.

While the €115bn "official" national debt might be just about manageable, the €150bn in emergency central bank lending -- both from ECB and Irish Central Bank, the €30.6bn of bank promissory notes and the €30bn of NAMA bonds, which between them raise the real liabilities of the Irish state to approximately €300bn -- may have to be restructured.

However, between now and then the Government must move to change the balance of the fiscal adjustment planned for the next three years.

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