Whatever the benefits, if any, of the deal reached with the EU on the promissory notes it cannot be denied that the event was a major political victory for the Government.
But, that aside, the deal will make no difference whatsoever to the hardships imposed and to be imposed on the people of Ireland.
Government politicians are congratulating themselves by saying the deal will result in softer budgets – it will not.
The deal will be irrelevant to those with €20 left in their pocket at the end of the month when state authorities coming banging on their doors demanding €98 instead of €100 in taxes and charges.
As the household tax, water charges and the next budget approach the politicians will revert to their old tune – austerity is the only game in town. Pay up and keep your mouths shut.
The following is an interesting exchange between Pat Kenny and Finance Minister Michael Noonan.
Kenny: Why did the ECB change its mind about the whole principle of this that was described by people in Frankfurt as ‘barely legal’.
Noonan: The legal people would say that the existing promissory notes arrangement was totally contrary to…
Kenny: So it’s an improvement in its legality.
Noonan: Yes. Some bank people were saying to me, what you’re saying is illegal. I said to them: It’s an awful lot more legal than what you agreed three years ago.