Bailout ‘will strip us of any bargaining power’

FRIENDS First chief economist Jim Power has welcomed the possibility of an EU/IMF bailout, but he said the price of the intervention will be high.

If it happens, as he believes it will, he says “we will have no bargaining power” and will have to dance to the tune of our paymasters until the austerity measures come to an end, he said.

Mr Power warned the €15bn cuts will be monitored by the EU who will insist that reforms are pushed through to meet the revenue shortfalls.