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Editorial: We need an answer to bank mess

THE Cabinet's first meeting after the summer break today was dominated by Anglo Irish Bank. The bank is not just the concern of the Cabinet but of every taxpayer in the country as the debt, we are told, will cost us €210m every single week for the rest of the year to cover losses that will never be recovered.

The spectre of a hair-shirt Budget looms over us and that will at best save a mere €3bn -- a figure which becomes insignificant when compared to a possible final cost of €35bn for the Anglo bailout.

There is no way to dodge this debt. There is no point in dwelling on the reasons why we are in this mess.

Our task now is to find the simplest, fastest, cheapest way out of it, so let's hope the Cabinet can come up with some creative solutions.

All eyes are on the Government and how it plans to pull this off.


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