We have a deficit, we don’t have the money required to run the country and that means we are in a hole. In July we told that it was €5.5bn Euro, that was up from the €3.1bn we were told about early in the year, the latest figures are saying it now stands at €9.4 bn, thus it has trebled. The politicians are asking ‘why don’t banks know what is and isn’t on their balance sheet so they can plan?’… It seems we could ask them the same question and they didn’t even get into shadow leveraged products!
It is unfair to blame Brian Lenihan, he merely inherited a broken machine, the blame game is a futile process in any case, the solution game is a much more productive and meaningful one. Today we will consider the two known solutions for deficit situations, they are not ‘high finance’, anybody will grasp these concepts. The issue will be about two things, firstly will our leaders have …