Thursday 14 December 2017

Euro failure

• "Cut us a deal and we'll be back in the bond markets," crows Minister Noonan. So, we're saved! All we need from our EU masters is a few bob knocked off the private bank gambling debts foisted by the ECB onto the Irish people and, according to Terminator Noonan, we're back! Back, that is, into borrowing at extortionate and insupportable interest rates from the failed states' drug supplier, the bond markets. Borrowing at 7pc to fund the indulgences of an economy growing at close to 0pc.

Your economics editor, Brendan Keenan, points out (Irish Independent, July 11) that Ireland will shortly be paying the staggering sum of €10bn annually in nothing more than debt interest.

This translates to around €5,000 per taxpayer before a single cent is paid to fund the nation's essentials on which we all rely.

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