He who pays the piper calls the tune

THE prospect of a June reduction in the interest rates — possibly backdated — charged by the EU/IMF for our bailout billions is very welcome.

Sadly, no matter how welcome it is, it will make no great difference to our precarious situation.

Just as Portugal discovered this week, when Europe’s paymasters told them their rescue deal depended on budget cuts far more severe than those rejected by their parliament being implemented, we are likely to face equally stark and unpalatable choices.