Forget the false election promises, we’re out of cash and out of choices

WAKEY, wakey. The alarm clock is set early this morning for our new cabinet.

The traditional inaugural meeting of the new Government last night in Áras an Uachtaráin was followed by dinner with the president. A cold shower awaits this morning. An air of unreality has reigned over Irish politics since budget day. Fine Gael and Labour negotiators in the Sycamore Room forgot there was always going to be, in Princess Diana’s words, “three of us in this marriage” — the missing partner being our creditors.

The first 100 days of office for the new administration will not be dominated by job creation, fairness, constitutional or political reform. Instead, Enda Kenny needs to find out when cash will run out. A liquidity crisis awaits. The Taoiseach resembles Sean Quinn and Quinn Insurance, post administration. The Programme for Government represents a Walt Disney production — fantasy in escapism when a cash flow projection was immediately required. The EU Commission, ECB and IMF are due to return to Dublin in early April. Implementation of their programme is behind schedule.