@JohnGilroyTeam: i think that there will have to be a general election if promissory notes are to be paid
John Gilroy is the labour spokesperson in the Senate on finance. Throughout the last two years he has been one of the few people in politics who has engaged openly on social media. Most of his engagement has been in the issue of these wretched notes. He’s a serious sober thoughtful politician. People like him are the ones that if it comes will constitute the bulk of those in labour calling for an exit. Coming in the wake of the report that the Tainiste has suggested no deal would precipitate s government breakup is clear that the stakes in the game are ratcheting higher.
Have we the “bottle for the battle”?
So I spent the last few days in the very pleasant environs of Maastricht, as an invited speaker at a symposium on the future of international banking. Some really interesting papers and presentations were delivered, on which I will blog later.
At the conference were a goodly number of bankers, central bankers past and present, and academics on banking and related.
A summary of the views of the core Europeans would be ; Ireland is trying, and that's to your credit, but your legacy banking debts (read, the pro note) are going to be left with you, as YOU screwed up by lax regulation badly implemented. Oh, and your corporate tax rate? You want us to bail you out while you screw us with tax arbitrage? Not. Gonna. Happen.
I see that Brendan Howlin has stated that a deal on the note is essential. One hopes that he is talking to and listening to the same thing as I was hearing. It ain't pretty…