Drawing on the international literature on the costs of default, newly elected Fine Gael TD Paschal Donohoe has written an interesting pamphlet on the option of a unilateral default (see here). Whether you agree with his conclusion or not, it is great to see people of Paschal’s calibre in the new Dáil.
The pamphlet is referenced in Daniel McConnell’s article today in the Sunday Independent (see here). Daniel comes out strongly for a default-now position. He draws heavily on the Prime Time programme on default in supporting this position. One of those quoted is Philip Lane. Not too surprisingly, the short snippets that could be used in the report do not do justice to Philip’s nuanced position. If you haven’t had the opportunity to view Philip’s interview, I think it is well worthwhile to view in full. While recognising the seriousness of the situation, I think he gets the balance just about right (full interview here).