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Friday, 15 November 2013

Bye Bye Troika ... Hello Sovereignty ... But ...

The Irish government has decided to no longer avail of the Troika bailout. In a sign of its fiscal confidence after a grueling era of austerity Ireland has opted to shun a credit line back up facility giving rise to fears in some circles that it might have no safety net to fall into in the event of the economic situation going belly up.

In spite of the government's decision at least one prominent media commentator is predicting that Ireland’s sovereignty will stay lost for some time to come. According to Vincent Browne writing in the Irish Times, despite Taoiseach Enda Kenny's upbeat forecast:

the Lisbon Treaty, for which Enda Kenny campaigned, copperfastens Ireland’s surrender of sovereignty to the EU forever, a surrender we sleepwalked into in 1992 in ratifying the Maastricht Treaty.

Finance Minister Michael Noonan, however, persisted in his belief that the country would now secure its economic freedom.

Michael Noonan at the 1986 Ard Fheis