Opinion Letters

Saturday 18 November 2017

A sovereign default is inevitable for Ireland

Black Thursday, Black Tuesday, Black Friday -- the way things are going there won't be enough days in the week left to take "action'' to fill the very 'black' hole in Ireland's banking system.

The latest figure is €70bn. Yet another €24bn will have to be pumped into the banks after the latest stress-testing exercise. Patrick Honohan has stated he would be very "surprised'' if extra funds were needed.

The troika of the EU, IMF and ECB released a joint statement lending tentative support. It said that the Government's plans were the correct ones in terms of returning the Irish banking system to health.

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