Debt deal mooted - Another reason to be optimistic?

It is far, far too early to celebrate the announcement that the European Union is considering an extension of Ireland’s debt repayments scheduled over five years or more, but it may not be too early to hope this development means the tide may really be turning in our favour.

That European finance ministers will press the EU-IMF troika to finalise a deal adds to that sense of possibility. A note of caution is necessary though — agreement has been reached in principle to extend the payback window but the extent of any new deal and the minutiae of how that might be achieved remain unknown.

It is also, if such an extension is eventually confirmed, another significant victory for Finance Minister Michael Noonan and his team. Coming so soon after the very welcome deal on crippling bank debt, it proves again that a good case, combined with patience and determination, and advanced by a skilled politician nearly always prevails in the end. It is also, and so many strident opponents of the EU’s role in our affairs may find this difficult to swallow despite the obvious reality, another vindication for those whose faith in EU solidarity endured even through the darkest moments of our difficulties.