It's just a thought: rather than sign the IMF/ECB/EU deal why not wait and see? After all, we kept being told we had sufficient funding until the middle of next year for day-to-day public expenditure purposes before the IMF came along with their take-it-or-take-it offer.Irish ten year bond yields are falling (Spain's are down to 4.86% - source: Bloomberg), so why sign up to an ultimately unaffordable deal costing 5.83%?
Maybe we should, em, borrow from Spain?
"Signing up" does not require us to draw-down. Nor does it prevent us from borrowing elsewhere if we can. Indeed, that would both be encouraged and welcomed by IMF/EU.
ReplyDeleteOtherwise, I make no comment, approbatory or condemnatory, on the IMF/EU arrangement.