So we have / have not a deal on legacy debt but do have a deal on the ESM recapitalizing (prospective) losses in the banks. I think.
Merge NAMA with IBRC. Fling in all mortgage debt at 50% off. Credit cards, home release, every sort of debt drag on the state or any economic entity therein at a massive discount. Commercial loans, charities overdrafts, loans fellahs took out for motorbikes, sod it, lend me money to buy 100b of state debt at 1c and then throw that in.
Let the ESM recapitalize that while we enjoy the debt jubilee 🙂 They can enjoy the 100% ownership of IBRCNAMAQUINN Ltd. And long may they prosper.
(above proposal may contain elements of tongue in cheek, exasperation and fantasy. But then again it might not)