YESTERDAY THE GOVERNMENT announced that a deal had been reached that would effectively swap the €3.06 billion annual promissory note payments for long-term government bonds paid over a longer period.

Lengthening the payments and reducing the interest rate on the debt created by the former Anglo Irish Bank and the issuing of the promissory notes, a form of IOU, means that Ireland cuts its borrowing by around €20 billion and has an extra €1 billion to play with for the next Budget.

It has been hailed as a significant step in the country’s recovery and the best that could have been got within the laws that govern the European Central Bank. But it still means that Ireland pays all of the debt and has been criticised by Sinn Féin and others as saddling future generations with the bank debt as the last promissory note payment will not be until 2053.

But what do you think? Did the government get a good deal on the promissory notes?

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