Bear in mind, the money to fund NAMA has been loaned not by bondholders, but by the ECB, at almost no interest and on a one-off basis for the specific purpose. We wouldn’t have been permitted the funding for any other reason, the international markets wouldn’t have given it to us, and, if NAMA and the recapitalisation had not been done, our Sovereign position would too weak for us to borrow the €6 billion needed this year for public salaries.

Ironically, teachers and other public servants are targeting the one instrument without which we actually wouldn’t be able to pay them at all, at all. The idea that our position, internationally, is unique in this respect is quite incorrect.  The US and Britain have shored up their banks at far greater cost and in return for much less control.

Above is taken from Garrett Greene’s post on Facebook.