Deal on bank debt - A welcome first step?

Finance Minister Michael Noonan would not besurprised if we waited until the minutiae of the debt deal suggested last night was parsed before extending a complete welcome.

Despite that it seems as if his strategy of patience and building alliances across the EU, very often derided as ineffective and weak, may have paid off. It seems that the impossible burden of private bank debt, epitomised by the €3.1bn payment due next month, has been eased in the short term if not reduced.

Any change on that impossible burden has to be welcomed as it would have bled this society dry and put basic social services and a moderate standard of living in jeopardy for a great number of people completely unconnected with the creation of the toxic debt.

Mr Noonan and his staff are to be congratulated but if justice is to prevail then this issue cannot be resolved by the Irish taxpayer alone. Nevertheless, the deal hinted at last night is more than welcome as the consequences of not getting one would be catastrophic, socially, economically and politically.