Tuesday 21 November 2017

Country headed for the junkyard

The direction by Eurostat to the Government last week to re-categorise the €4bn injection into Anglo Irish Bank as an expense and not an investment, is a development of profound proportions.

The implication of the next sizeable injection, which the Finance Minister tells us will be at least another €10bn, plus €2.5bn into that other great hole in the sand, Irish Nationwide, is going to consign this country to a fate even worse than that awaiting Greece and looming strongly for Portugal and Spain.

The sure-fire result of our debt-to-GDP ratio rocketing to outrageous levels on the back of our pouring money into the two dead banks is that our government borrowings, or bonds, will attract 'junk' status (just like Greece this week).

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