Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John Moran:
-----for a period of time. Because, we are now at something like 3% or 4%, right, and the debt is sustainable. At 14% it was most certainly not. And the markets could see that. And that's why it was 14% because if we had not had an alternative supply of funds, which could come in at admittedly at too high a rate because the structure of the bailout was wrong in the first, at the beginning, right. But it was certainly a lot cheaper, at that cost of bailout money, than any alternative. And the other, the only other alternative we would have had at that stage would have been an immediate stop of the deficit, which would have meant savage cuts on, on public services.
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