Editorial: Let's hope EU bailout is final drama
EU Finance Ministers worked into the early hours of this morning to agree a new euro bailout mechanism. The money from the European Commission and the International Monetary Fund could amount to €720bn.
The move is aimed at restoring confidence in the euro in the wake of the financial meltdown in Greece.
The figures being talked about are utterly beyond the comprehension of most people. Ireland has already agreed to loan €1.3bn to Greece over the next three years as part of a €110bn rescue plan.
Most people, already reeling from wage cuts, cutbacks in public services and struggling to pay mortgages, will want to know, "what is next?"
Finance Minister Brian Lenihan says we are on target in revenue and expenditure and there is no pressure for an early Budget.
Let's hope he is right because Irish society cannot take much more. Further unpleasant 'surprises' we certainly do not need!