Bailout means life can go on, says Cowen

THE economic and “national life” of this country can continue because of the government’s decision to give a deposit guarantee to banks, Taoiseach Brian Cowen told the Dáil last night.

He said if such action had not been taken, the country could have woken up to “a failed banking system” with businesses and jobs suffering.

Defending the radical decision by the state to guarantee all deposits and loans in six financial institutions, Mr Cowen warned of the dangers to the taxpayer of not taking such action.