herald

Tuesday 21 November 2017

Varadkar tells of 'Troika's timebomb'

THE Troika may have been very polite to our taxi drivers but they threatened a "financial bomb" for Dublin if we failed to repay a massive €1.2bn to Anglo bondholders this week.

Transport Minister Leo Varadkar has laid bare the heavy-handed approach being taken by the Troika -- just days after they flew out of Dublin.

Mr Varadkar revealed that the Government was threatened that there would be major consequences if a decision was taken to block Wednesday's payment. And he issued a stark warning of his own that struggling families would be met with higher mortgages and household bills if we decided to burn the bondholders.

"They are being repaid because the Government had to weigh up the costs on the one side and the risks on the other," he said.

"What the ECB has said to us, and what the Troika has said to us...is that: 'It's on your head. We don't want you to default on these payments. It is your decision ultimately. But a bomb will go off, and the bomb will go off in Dublin, not in Frankfurt'."

Anglo, now known as the Irish Bank and Resolution Corporation (IRBC), is due to hand over the enormous sum to its unnamed bondholders on Wednesday.

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