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Debt anchor

• And so it begins, the fallout from the fear-laden Yes vote gifted to most of our politicians by the Irish people last Thursday.

During the campaign, Declan Ganley rightly brought up the resoundingly Irish issue of bank debt versus sovereign debt, and how the treaty ignores the former. He asked for some addendum to be added regarding them and for the postponement of the vote until that could be accommodated/amended.

To answer this, the Yes side said there would be no additions to the treaty nor would we wait for one before holding the referendum, but that a campaign of pursuance of debt reduction would be pursued in Brussels after a Yes vote.

Leave it up to Angela and co to do away with that hope. One of her ministers has announced that there will be no negotiations whatsoever regarding us paying debts the last government incurred.

It took less than a week for the holes to start showing through on this treaty, which is, was and will always be a bad deal for this country. But because the fear of the supposedly unknown couldn't be faced, because people didn't understand what was happening around them, they blindly nodded their heads to the change.

Because people preferred the use of the buzzword "stability," in lacklustre TV debates to the downer "austerity," this country has been further straitjacketed in its own financial affairs, as evidenced by the Reichstag's decision that the ex-sovereign nation of the Irish Republic may not choose if or how to pay its banks.

All this in the name of stability. What sort of stability is this?

Killian Foley-Walsh

Irish Independent