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News Link • Bailouts

Austerity Bites Ireland and Elite


Ireland's love affair with masochism ... The final bill for Anglo Irish Bank has ballooned to €34bn ... A more shocking set of numbers is hard to imagine. The latest bailout package for Ireland's insolvent banks will raise the nation's budget deficit from an already alarmingly high 12 percent to a jaw dropping 32 percent, which will in turn send overall public debt spiralling upwards to just shy of 100 percent of GDP. Only a few years back, Ireland had one of the best public debt to GDP ratios in the eurozone at under 25 percent. The scale of the deterioration is truly astonishing, and vivid illustration of the degree to which Ireland's "tiger economy" was built on the sand of misallocated credit. ... The good news for Ireland is that these latest bailouts have the potential to draw a line in the sand, and provide a grounding from which the economy can rebuild. The other piece of good news to take from all this destruction is that Ireland has already fully funded itself until the middle of next year ... [But] there must be some doubt over whether Ireland can grow its way back to health. – UK Telegraph

Dominant Social Theme: We are shocked that Ireland has not improved. But we know it will!

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