Retrospective debt deal is least we deserve

November 2010 was a very dark month for Ireland, when the weather came out in sympathy with the economy. The scene on Merrion Street across the road from Government Buildings had to be seen to be believed.

As the month progressed the international media camped out, amid mounting speculation about the inevitability of Ireland having to go with a begging bowl to our future troika partners to secure the funding necessary to finance our dangerously high deficit.

The markets were simply refusing to finance that deficit, so the country was either going to run out of money to run public services or debt default would happen. In the event, the troika rode to the rescue and the rest is history.