Spend promissory savings and do so wisely

So, the Government has a deal on the Anglo promissory notes in hand. There was an unseemly crowing from them and from much of the mainstream media when the deal was announced, the merits (some) and demerits (many) being lost in the laudatory glow.

The deal was politically necessary for them — having staked their reputation on not paying the €3.1bn this year, they had to produce some formula that would allow that.

A key aspect of the deal is that it gives some breathing space. Many, myself included, have criticised the payment of any taxpayer money for private debts, but the fact remains that the Government is in a better cashflow position now than it had expected to be in when the present budget process was put in place.