Their politicians are starting to get a bit wound up about it too...
***Warning: contains "unparliamentary language".
doesn't seem to be much life left in the chart for the land of lucky 4 leafed clovers
wasn't that long ago its economy was considered so good that it was described as the Celtic tiger looks like it was all smoke and mirrors
Ireland is the old sow that eats her farrow.
As James Joyce famously said.
I have been to southern Ireland on a number of occasions on business.
It is a nation run by developers and criminals, class ridden and until recently under the toe of godbotherers and the privileged descendants of a couple of hundred people who fought the British to obtain freedom one hundred years ago.
Being thus run, it was an excellent place in which to do business in a bull market, as ethics gave way to profit, and it operated like a giant Ponzi scheme
I would avoid it now as it will implode financially.
It is not salvageable. The talented will migrate as they have for centuries and Ireland will limp along, getting pissed and singing songs.
gg
http://www.nytimes.com/2010/06/29/b.../json8.nytimes.com/pages/business/index.jsonpDUBLIN — As Europe’s major economies focus on belt-tightening, they are following the path of Ireland. But the once thriving nation is struggling, with no sign of a rapid turnaround in sight.
Nearly two years ago, an economic collapse forced Ireland to cut public spending and raise taxes, the type of austerity measures that financial markets are now pressing on most advanced industrial nations.
“When our public finance situation blew wide open, the dominant consideration was ensuring that there was international investor confidence in Ireland so we could continue to borrow,” said Alan Barrett, chief economist at the Economic and Social Research Institute of Ireland. “A lot of the argument was, ‘Let’s get this over with quickly.’ ”
Rather than being rewarded for its actions, though, Ireland is being penalized. Its downturn has certainly been sharper than if the government had spent more to keep people working. Lacking stimulus money, the Irish economy shrank 7.1 percent last year and remains in recession.
Joblessness in this country of 4.5 million is above 13 percent, and the ranks of the long-term unemployed — those out of work for a year or more — have more than doubled, to 5.3 percent.
Now, the Irish are being warned of more pain to come.
“The facts are that there is no easy way to cut deficits,” Prime Minister Brian Cowen said in an interview. “Those who claim there’s an easier way or a soft option — that’s not the real world.”
You may well be right.
http://www.nytimes.com/2010/06/29/b.../json8.nytimes.com/pages/business/index.jsonp
I feel sorry for the common Irish. They have little option (apart from an uprising) but to suffer the consequences of their leader's woeful mismanagement.
An unfortunate fate that is likely coming soon to many other cash strapped nations around this sorry a$$ globe.
The Americans, on the other hand. Well they are just trying to prolong the party hangover by drinking more.
The real truth is that it isn't Ireland they're bailing out, but their own banks. Germany and the UK will ensure Ireland get by, because if they don't there's a very good chance that the contagion will spread to their own banking systems.Most people live in an economic system that they don't understand. Regardless, the real truth of the matter is that Ireland brought this upon itself. The Germans have a strong economic model that works, it is the MOST successful economic model in Europe, yet they will be footing most of the bill for the Irish bailout! It seems to me there is a greater message here. A strong manufacturing base that provides equality for all its citizens allows an economy to grow sustainably. Did Ireland (indeed, does Australia) have such a strong economic base? I dare say no.
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