Salvation lies in the hands of all political parties

AFTER Thursday’s poor second-quarter figures on the economy showing negative economic growth the opposition parties went ballistic and have forecast further mayhem ahead.

Even the Central Bank governor got in on the act this week, warning that the high cost of borrowing to the state strongly suggests the global markets expected the Government to slash more than €3 billion from government spending in Budget 2011.

Even before the poor GDP growth figures were in the public domain, Governor Patrick Honohan said deeper cuts were needed to reassure investors that the burden of debt will not cause us to default.