Debt deal - Moderate optimism is justified

When Enda Kenny told the Dáil yesterday afternoon that the Government had agreed a deal with the European Central Bank on the Anglo Irish Bank promissory notes, the Taoiseach ended what seemed like a particularly frenetic few days of political and diplomatic activity.

Initial assessments suggest that the deal is a good one and that it may help turn an almost impossible challenge into one that can eventually be surmounted.

Inevitably, after so many hours of yes-we-do, no-we-don’t confusion, the announcement was greeted with considerable relief. Another false dawn, especially after the overnight Oireachtas sitting to finally put Anglo Irish Bank out of its misery, would have been almost too much to bear.