Various commentators, both domestic and foreign, have been arguing that Ireland’s adjustment process is difficult enough as it is, without needlessly saddling ordinary citizens with other peoples’ debts.
Brian Lenihan has had enough, calling “for an end to discussions about Ireland defaulting on its debt, saying the debate has done “huge damage” to the country.”
People should not be surprised that there’s a huge erosion of trust in the Irish banking system when we’ve an endless debate on whether we should be defaulting on the payment of our obligations,” he said.
I hope the FT and the rest of them are listening. You may think you are speaking up on behalf of Irish (and EU) taxpayer interests, but you’re actually doing great damage. (Exactly why deposits started to leave the Irish banking system months before this debate began is unclear to me, especially since no-one has suggested burning the depositors, but that is another issue.)