Oireachtas Joint and Select Committees
Thursday, 10 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Ciarán Lynch (Cork South Central, Labour) | Oireachtas source
I'm going to start wrapping things up and I'm going to invite in two leads and then I'll make some concluding comments myself. So, Mr. Chopra, if there's anything else you want to add yourself, you're more than welcome to. But just on the earlier point there that Senator D'Arcy was pursuing with you on the way that the EFSF and the EFSM loans and the substantial extension of the maturities caused the IMF loans to become relatively expensive, would I be incorrect in assuming that the objective of a programme which - and there would be many obvious ones such as getting people back to work, stabilising the economy, dealing with structural deficits and so forth, but another part of the programme is that as the programme is being successfully worked through, that the burden would become lighter as well in that there is not a moral hazard that it gets tougher as you work through it, but that it would actually become easier? In that regard, was that a design flaw in the programme?
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