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We take Government’s word as the troika remains mute

The Troika barks orders — it does not see fit to explain them.

As the EU/ECB/IMF puppet masters again refused to speak to the Irish media, it was left to Michael Noonan and Brendan Howlin to perform for us yesterday.

And the upshot would seem to be that we are half- way out of hell — maybe.

The troika had been in town checking the maths homework of the two ministers to make sure their sums added-up — and guess what? Noonan and Howlin beamed. They had passed with flying colours.

With seven such quarterly inspections down, we only have seven more to go, the finance minister purred, slipping in that we had secured 78% of the cash by now anyway.

Problems with the projected €500m health service overspend? Do not worry about that, the public sector reform minister insisted, that is all going to be sorted out in September — though just how was not explained.

Mr Noonan insisted we now just had to concentrate on three things — increasing taxes, reducing spending, and getting the economy to grow — though, again, it was never explained how the third aim would be achieved given the financial drain on society of the first two.

Mr Noonan likened the current crippling loan interest repayments to trying to drive a car with the handbrake on.

But for many people trapped in austerity it feels like the wheels have come off as well.

Pinning everything on avoiding a second humiliating bailout by returning to the markets for money at the end of next year, Mr Noonan would not be drawn on how much the country could expect from the tantalising, though vague, EU bank debt writedown deal.

With some €64bn on the table, the finance minister would only say: “Our ask will be ambitious.”

The stakes could not be higher — get it wrong and we are locked into stagnation. Mr Noonan noted the current debt ratio of 117% of GDP was alarming.

Shame we do not know what the people pulling the strings think. But that’s the problem when the troika won’t talk — we have to take the Government’s word for everything.

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