Default Should Be Avoided At All Costs Says Michael Noonan

27 July 2011 - Which Way to Pay

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Default Should Be Avoided At All Costs Says Michael Noonan

The Irish Finance Minister, Michael Noonan, has publically warned that a default on Irelandís debts could lead to people going hungry, and even starving to death. During the last sitting of the parliament before the summer recess, Noonan debated the suggestion that Ireland Inc possibly should default with Shane Ross, Independent deputy. In his argument against Ross, Noonan brought up examples of what happened in the past when other countries defaulted on sovereign debt.

He argued that when Argentina defaulted, the savings of the entire middle-class were wiped out and many families were forced to scavenge from rubbish bins to feed their children. He also cited the circumstances in Russia after they defaulted, when hundreds of people died from hunger, especially the elderly.

Potentially, a structured default like Greece has done could go some way to avoid this, instead of a sudden default. However, a default may be the only option in Ireland's debt management, and hard times could be ahead for the nation.

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