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,
Wholesale Christian Louboutin D'orsay, and the Republic’s economic mess is just such a chance. The Sinners can see that economic hardship and social unrest gives them,
Oakley Uni###### Sunglasses, after all a socialist revolutionary movement, a new appeal. Ireland’s danger, in this case,
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Unfortunately,
Gucci Jewelry on sale, 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,
sabo charms bracelets, at which point trying to pay the interest can push an economy into a downward spiral.
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, 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.
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,
Rayban Oversized Sunglasses, unlike Ireland, would be “too big save”, 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,
Christian Louboutin Mary Janes, 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.
In the 2000s, though,
Wholesale Christian Louboutin Flats, with interest rates set at German levels but without a similarly virtuous approach to debt, 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.
Tagged in: deficit, george osborne, Gerry Adams,
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The Irish deficit where to go from here Sean O'
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