Look, this crisis will never end for Ireland or the other smaller Eurozone members. They sold out their future to join the EU. If joining the EU had had any benefits, they wouldn't be in this mess to start with. As individuals and companies that filed for bankruptcy have emerged stronger, Ireland needs to take the same approach. Otherwise, they will have another economic crisis of some sort every six months to a year from now on.
is Iceland a pariah? ireland will maybe default and the game will go on. it it does it will serve the people right who were reaching for yield.
One more of those attempts to build opinions on misinformation. Even no such statement in the article quoted. In case someone is interested in facts: The european parliament consists currently of 735 members. 99 of them are german. This shows the weight Germany has in the EU. http://www.europarl.europa.eu/members/expert/groupAndCountry.do?language=EN Where is the "hegemony" if democratic MPs try to take care of the interests of the countries they are representing and that have to put up billions in order to support a country that has spent much more than they could afford?
The following from John Mauldin's Weekly E-Letter captures the essence of the problem: "During a debate on Tuesday in the Parliament, Prime Minister Cowen said ... " '... If this country and this parliament fails to make the necessary adjustments, then we put at risk the funding of the State after July of next year and what will happen then is that we will be faced with a situation where we will only be able to spend EUR 31 billion. The State could not go on spending EUR 50 billion a year, when it was only taking in EUR 31 billion. Being only able to spend EUR 31 billion would involve a serious adjustment in the level of (government) services that could be provided. No responsible government, therefore, could contemplate that approach.' "Say what ... no responsible government could contemplate spending what they take in?? Indeed, herein lies the core of the crisis"
historical precedent shows that once the IMF get a hold of you. standard of living goes down and debt goes up. the neo liberal (free trade) policies over the last 20 years has been a complete fail. unless the goal was to bring in neofeudalism. i see a structural adjustment in Ireland future
EUR 50bn is what the Croke Park deal was all about... The govt has sorta manoeuvred itself into a corner. To achieve what cuts they have been able to make already they had to promise to keep certain sacred cows inviolate. Unfortunately, these very cows have come back to haunt them...
two drunks supporting each other- UK and Ireland http://finance.yahoo.com/news/Stock...tml?x=0&sec=topStories&pos=main&asset=&ccode= Britain, which is not part of the 16-nation bloc that uses the euro, on Wednesday offered to provide additional support to Ireland above and beyond any help it gets from the European Union or International Monetary Fund. That has helped steady markets in Europe where the euro is used. British banks would be among the hardest hit by an Irish debt default because they are among the largest investors in Irish bonds. Shares of HSBC and Barclay's trading in the U.S. were little changed Wednesday.