The Survival of the Eurozone

Paul Sweeney: Economics editor, Martin Wolf, writes in the Financial Times: “I find it unforgivable that the last Irish government guaranteed bank debt so insouciantly and that the rest of the European Union has supported this decision. For a sovereign to destroy its own credit, to save creditors of its banks, is plainly wrong. It does not make it better, but worse, that it is doing so largely to protect financial systems in other countries.”

He is so right. The question remains, will the new Government seriously address this problem with our EU member state partners. It will test the mettle of the Union and of the meaning of partnership. Wolf points out the in the context of the Eurozone, Ireland’s problems are almost small. The full article is here.

Posted in: Banking and finance

Tagged with: banking

Paul Sweeney     @paulsweeneyman

Paul Sweeney is former Chief Economist of the Irish Congress of Trade Unions. He was a President of the Statistical and Social Enquiry Society of Ireland, former member of the Economic Committee of the ETUC, a member of the National Competitiveness Council of Ireland, the National Statistics Board, the ESB, TUAC, (advisor to OECD) and several other bodies. He has written three books on the Irish economy and two on public enterprise, including The Celtic Tiger; Ireland’s Economic Miracle Explained and Selling Out: Privatisation in Ireland, chapters in other books and many articles on economics.