When Ronald Reagan was US President and the Cold War was reaching its denouement we were worried that we would all end up fried in a nuclear war. However, there was one posture left to both sides, and it was summarised as MAD- Mutually Assured Destruction. You press the button, we press the button and there’s nothing to fight over.
Ireland Inc has reached that stage regarding its level of debts. Time for Enda Kenny to go into a dark room in Brussels, look Sarkozy and Merkel in the eye, and say we are about to press the button (sovereign default). This would destroy Project Europe and the glue that ties it together, the Euro. If we default, Greece, Portugal and probably Spain would follow…
All of this will come to a head in the next couple of days.
My bet is on a mutually beneficial fudge.
First Cheltenham, then the rugby, then the good weather followed by a cut in our repayments….Yes, I’ll take a bit of that please.
God help us but Jedward are worth a punt for the Eurovision as well.
Written by: Conall O’Morain, www.RendezVous353.ie
Now we’re making progress – Good Financial Housekeeping