Sunday 18 March 2018

Let creditors have it

Photo: Collins
Photo: Collins

Sir -- If you default on your mortgage repayments, the worst that can happen is that the bank will come in and take your home -- so you're homeless.

Bad, I know, but you are still alive and can work if you so wish. If you apply the same logic to Ireland's debt crisis -- one mostly brought about by the recklessness of our banks and those outside the State willing to lend to them but now linked, foolishly it seems, to the State thanks to the bank guarantee -- and we decide as a nation to default on it, what's the worst that can happen?

Well, those looking for 'their' money back might try and move into the country and in a bid to recoup some of their losses try and sell it off below cost price.

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