.
With Irish Bond spreads widening, it looks like Ireland will have to go to Europe for some financial debt restructuring assistance.
They will be asking for around £70 billion in order to avert a sovereign debt default. That's another £15,000 for every man, woman and child in Ireland to add to their existing burden.
It seems incredible that the UK's debt to GDP ratio is so high and we are not seen to be nearing this default position. Or are we?
Our position is only perceived tenable if the market remains confident in our triple AAA rating from the ratings agencies.
Unfortunately ratings agencies appear not take fundamentals into account during their assessment processes. And who are the ratings agencies anyway? And who's interests do they represent?
Anyway, it's nice to see Ireland are doing the same as the UK.
Robbing their children's and grandchildre's future earnings to pay for their parent's profligate past.
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