Spending our way out of the mess not an option

ASSURANCES from Irish bankers that taxpayers will not be exposed as a result of the state bailout of €400 billion have a hollow ring.

When Finance Minister Brian Lenihan introduced the €100,000 deposit guarantee recently he told the nation the Irish banking sector was sound.

Just in case people had any doubts about that, he reminded the general public that the Financial and Stability Report, published by the Central Bank in July, gave the Irish banks a clean bill of health.