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Diarmuid O’Flynn says the promissory notes ‘deal’ “being trumpeted as a triumph by the Government” is an oversell (Letters, Mar 9).
But Diarmuid O’Flynn is overselling the ‘Ireland says No’ campaign.
His metaphor of “our rich and powerful neighbour” in Europe asking us “to pay his massive mortgage on his stately home” is far-fetched.
Many of our most influential citizens had large houses of their own, highly valued, stately and not so stately, during the Celtic Tiger.
Because they had an income higher than most other Europeans, they added massively to the stock of houses and borrowed recklessly for the privilege.
When interest rates went up, those same Europeans, who had not indulged in the building binge, kept the money flowing here at low rates of interest.
Now, the ‘Ireland says No’ campaign wants to default.
The question that the people behind the ‘Ireland says No’ campaign need to answer is what will we do for money on the morning after we default when the ‘holes in the wall’ do not open.
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