They are certainly raising some interesting questions. With the cost of borrowing so low, the rates from the EU do sound high. Arguing against raiding the national pension plan is another concern. The Guardian:
Fine Gael's finance spokesman, Michael Noonan, denounced the conditions imposed by the International Monetary Fund and the European Central Bank on Sunday. Noonan was particularly angry over the IMF/EU insistence that Ireland pay €17bn out of its national pension fund to shore up the country's banks and drive down its national debt.
"I believe that the negotiators on the Irish side were soft," he told the Irish Times. "They have given up €17.5bn of our own resources in sacrificing all of the national pension reserve fund. The fund has been cleaned out.
"The interest rate is extremely high. If the IMF part is just over 3% as reported, it must mean that the average EU interest rate must be very high, well over 5.8%."
