Paul Sweeney: Economics editor, Martin Wolf, writes in the Financial Times: “I find it unforgivable that the last Irish government guaranteed bank debt so insouciantly and that the rest of the European Union has supported this decision. For a sovereign to destroy its own credit, to save creditors of its banks, is plainly wrong. It does not make it better, but worse, that it is doing so largely to protect financial systems in other countries.”
He is so right. The question remains, will the new Government seriously address this problem with our EU member state partners. It will test the mettle of the Union and of the meaning of partnership. Wolf points out the in the context of the Eurozone, Ireland’s problems are almost small. The full article is here.