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I’m not surprised that the president of Sinn Fein, Gerry Adams wants to give up his seat in the Northern Ireland assembly and enter politics in the south. Sinn Fein have shown they are  good at sniffing out opportunity, and the Republic’s economic mess is just such a chance. The Sinners can see that economic hardship and  social unrest gives them, after all a socialist revolutionary movement,http://www.theaktion.com/cpg/displayimage.php?pid=3023&message_id=8cb6374515336 112a0e678d468ce96e7&message_icon=info#cpgMessageBl ock, a new appeal. Ireland’s danger, in this case, is Sinn Fein’s opportunity.
In the 2000s, though, with interest rates set at German levels but without a similarly virtuous approach to debt,cheap pandora set, Ireland boomed and became one of the richest states, per person, in the EU: Not for much longer. A proud nation that fought hard for its freedom will soon see its sovereignty in the hands of international bureaucrats. Migration and poverty will return. People will wonder about a system that delivered  them into such a fate. No wonder Gerry Adams thinks he’s in with a chance.
The problem the Irish government faces is that anything it does to try and meet its obligations  becomes counterproductive; cutting public workers’ salaries and chopping services merely pushes unemployment higher,http://mochizuki.la.coocan.jp/mochiz....html#comments, income tax revenues lower and makes the banks’ bad debts worse. Raising corporation taxes and abolishing investment allowances to cut state borrowing kills the foreign investment that  powered the former Celtic Tiger. Even an IMF/EU rescue package would run into similar difficulties.
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The fear is that the holders of Irish government and banking bonds will, as part of the “restructuring” of Irish financial affairs be asked to forego some of their capital, in return for getting anything back. Holders of paper issued by Argentina, Mexico, Zaire and many other defaulters will be familiar with the process; it is not suppose to happen in a eurozone member state, even if German Chancellor Angela Merkel has suggested it was preferably to hitting the German taxpayer again. All this will threaten the stability of the euro, and may lead to “contagion”, to traumas in Portugal and Spain. The latter,cheap pandora charms, unlike Ireland, would be “too big save”,http://blog.zol.com.cn/3400/article_3399993.html, even for the EU.
And it was all going so well. Some of us have more cause than others to know about the Irish Diaspora, a  painful experience for the Irish for centuries. As recently as the 1980s – when public debt and austerity were last features of national  life – young Irish men and women were still being forced abroad for a better life, sending dollars home.
Unfortunately, Sinn Fein is right. It is difficult to overstate the problems Ireland  faces. When George Osborne talks about Britain’s unaffordable deficit it is about 10 per cent of GDP;  in Ireland’s case it is 31 per cent. In 2003 that was the level of the entire Irish national debt; now it is just one year’s borrowing. It will send the total debt to 100 per cent of GDP,http://www.dataligence.com/elgg/pg/b...e-trade-unions, at which point trying to pay the interest can push an economy into a downward spiral.