Saturday 14 December 2019

We could learn from Iceland

Declarations that "Ireland must not default on its sovereign debt" are being overtaken by "Ireland cannot escape finishing up in sovereign default".

Common to both is the belief that an ocean of private debt must be transferred to the taxpayer.

Any government that accepts such a transfer fails the Irish people.

Various views exist on whether Anglo Irish should be wound up now, wound up more slowly or broken into a good bank/bad bank.

But the difference between any of the choices is negligible if the taxpayer has to pick up the bill.

A major spin campaign described Iceland as a "basket case".

It was supposed to suffer badly for refusing to repay certain international loans. But the latest news is that Iceland pays less interest on international loans than Ireland.

Iceland is also charging a politician for his actions -- an ex-prime minister, no less.

Following this example, a prima facie case may well exist in Ireland.

How about criminal prosecution of those who unnecessarily donate unparalleled amounts of public money to private interests?

Jack Gannon
Cabra, Dublin 7

Irish Independent

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