If the Irish government does not renegotiate its debts, it will end up paying around one pound of every five it takes in in taxes…
This is the huge bill the Irish will have to pay over many years – and in large part it has been racked up by a reckless and foolish banking sector. Which prompts the question: why should Dublin not default on its debt?
… it will end up paying something like one pound of every five it takes in in taxes on its debt. That is unfair and – going by bond-market analysts, who expect a default sooner or later – unsustainable. A default does not mean walking away from all the debt for ever, but Dublin declaring it cannot keep paying back all of these loans at face value. Then it should renegotiate how much those loans are really worth and set a new schedule of repayments.