We need a debt reduction not a deferral

Over the last several weeks we’ve been listening to all and sundry telling us that the €3.1bn and change that is to be paid by the end of March — that is two days away — will somehow be deferred.

This is being advised to us as some holy grail, as if by happening we are suddenly better off.

The reality is that we will still owe the money and it still must be paid back sometime.