Agreed on both points, but remember Fine Gael actually welcome austerity as a great opportunity to trim "the bloated state sector"

Secondly, the ECB/IMF specifically do not allow the Irish Government to buy its own debt on secondary markets - at the going market rate c. 70% on the € - i.e. to take advantage of the markets "pricing in" a default.

Mustn't interfere with the markets right to make the rich richer, now must we?

Index of Frank's Diaries