It may be a day of relaxation for most people, but The Irish Times leads with a story that’s hardly light reading. They lead with the story that outside consultants Merrill Lynch who had been charged with advising our dear, befuddled government had concerns over the bank guarantee scheme that we’re now lumbered with and recommended a €20bn lending fund instead.
The recommendation was made in the final piece of written advice by the global business advisors prior to the economic meltdown. Minister for Finance Brian Lenihan said that, overall, the documents produced by Merrill Lynch supported the government’s decision to introduce the guarantee in September 2008. Of course he would say that.
Fine Gael’s finance spokesman Michael Noonan said that the documents showed the exact opposite – and, of course, he would say that.
Elsewhere on the front of The Times, there’s talk of Israel proposing to finally end their blockade of Gaza, but only if they get support on the ground by a massive international intervention, led by the EU. And Sinn Féin Deputy First Minister Martin McGuinness is to be invited to speak at the annual Conservative Party Conference later this year.
Yes, you did read that last sentence correctly.
The Irish Independent goes with the same lead story as The Times. It points out that “Cowen took a €440bn shot in the dark†when the government snubbed its own special advisers.
The Indo also points out that the Department of Finance thought Anglo Irish Bank would only lose €8.5bn, whereas the real figure was a world-record €15bn and that Anglo vastly overstated its financial health just two weeks prior to the government guarantee being agreed.
The front of the Irish Examiner is dominated by a picture of RTÉ’s favourite broadcasting twiglet Ryan Tubridy. He’s pictured making his last broadcast as host of his adio 1 current morning show. After a summer break, Mr T will take the helm of 2fm’s flagship morning slot, replacing the late G Ryan.
