Anglo payment - Time to stop crying wolf

There is no way of sugarcoating the payment of €1.2bn of public money to private Anglo bondholders.

Not in the unlikely event that Michael Noonan, the finance minister, arrives back from Frankfurt with a cut in the punitive interest rates on the borrowings we have for propping up the collapsed bank. Not even if we had the satisfaction of knowing exactly who are these secret gamblers who ostensibly took a risk on investing in Anglo but carried no loss on its demise.

But just as there is no way of the Government putting a positive spin on the pay-out, there is no sense in continually fear-mongering about the implications of not paying.