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This is a point that has been made on these forums before.
I think the above article strikes a correct balance in terms of putting banking debt in the context of our more immediate problem - Non-banking debt!
It is unlikely, but debatable, that we could have avoided a bail out in the absence of taking on the €40bn+ banking debts.
What is not debatable at all is that the austerity plans would have been implemented at the same pace - closing the primary deficit is non-negotiable.
This is a point that has been made on these forums before.
I think the above article strikes a correct balance in terms of putting banking debt in the context of our more immediate problem - Non-banking debt!
It is unlikely, but debatable, that we could have avoided a bail out in the absence of taking on the €40bn+ banking debts.
What is not debatable at all is that the austerity plans would have been implemented at the same pace - closing the primary deficit is non-negotiable.