Sinn Féin banking policy may be on the money

EVERY housewife knows that when you are spending more than you are earning and have huge existing debt the last thing you do is borrow more.

The new ECB/IMF €68bn (€68,000m) loan merely adds to our debt and allows the international bondholders time to suck approx €60bn from the Irish taxpayer within the next two years (if we last that long).

Each 1% reduction in the interest rate would save just €0.250bn a year in interest repayments or €1bn over the four-year plan, when the interest bill alone will be approx €34bn and our overall debt a mere €160bn.