What’s 4 Billion between Central Bankers? A rounding error. And most of this debt is not banking related. It’s the accumulation of decades of deficit spending.
The government can increase social spending now mainly because the cost of debt servicing has been cut in half, thanks to the ECB (not that anyone in Ireland will say go raibh maith agaibh).
That dynamic is about to be reversed and we will feel the pinch. Paschal Donohoe is absolutely right to remind people of this reality but everyone else around the Cabinet table wants more spending on their own projects.
Of course, if we were the US of A we could just keep printing dollars.