Economic survival - Bailout denials lack credibility

IT is a sad indication of how low our politicians’ stock has fallen that, despite repeated denials by Taoiseach Brian Cowen and a good number of his senior colleagues, it is difficult to dismiss the possibility that Ireland might have to turn to the EU or the International Monetary Fund – or both – to sustain even the most basic functions of this society.

Despite how strongly we hope that we will not have to rely on a bailout – the kindness of strangers but on their terms – it is hard to ignore all of the indications, all of the international and domestic voices arguing for such an unprecedented and humiliating intervention.

Surrendering our economic independence would be yet another bitter pill to swallow but the fact that we do not have the funds to run the state for much beyond the middle of next year and that we will not be offered credit on manageable terms any time soon traps us in a deadly pincer movement.