Debt crisis comes home to roost: No end in sight unless rates are cut

EVEN though this moment, long denied in the hope that it might never arrive, has been anticipated for nearly a decade, figures released yesterday by the Central Bank predicting a short-term tsunami of home repossessions, and all of the heartbreak that infers, are still chilling.

The figures, suggesting that around 26,000 homes may be in jeopardy, represent an acid test of this society’s commitment to solidarity and some form of an active, worthwhile social contract.

They will also go some way to defining whether we regard ourselves as a society subservient to an economy or a society that uses economics — and banking — as tools to try to lift all boats.