Forget the spin, we’ve ceded our sovereignty

THE political implications of this bailout are stark.

Brian Cowen hasattempted in recent days to portray as nonsense suggestions that we have lost our economic sovereignty. The spin the Government is putting on it is that we have been pooling our sovereignty with our partners in the EU for a long time.

But when we pooled areas of our sovereignty, we chose to do so. We are getting no choice in this bailout. We are applying to a lender of last resort for the cash that will keep the country going, and the lender is supplying the cash but attaching strict terms and conditions.