Cowen: €90bn buy-out of toxic debt vital

BRIAN Cowen last night insisted the massive buy-out of €90bn worth of toxic debt was essential to save the economy.

In angry Dáil exchanges, the Taoiseach dismissed opposition claims that he was saddling future generations with huge debts by setting up the National Assets Management Agency (NAMA).

Mr Cowen said Labour leader Eamon Gilmore was trying to “cod” people over the banking crisis in a blatant attempt to score political points and win votes at the June local and Euro elections.