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News Link • Government Debt & Financing

Ireland and The End of Austerity?

• Jonathan Turley

How did Ireland get into this immense cavern of debt?  Irish leaders decided that it was in the best interest of the country to bail out its failing banking system and guaranteed all of their banks deposits, loans and bond liabilities.  Where have I seen that played out before?  Once the Irish made that guarantee, the country’s economic troubles got worse.

It was only a very short time before the results of the bank guarantees came to fruition.  “Within two years, the state bank guarantee had bankrupted Ireland.  The international money markets would no longer lend to the Irish government.

Before the bailout, the Irish budget was in surplus....

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