IMF/ECB response to Ireland's deficit?

[deiseguy]

You will know what it looked like when you lose it.

I remember some of what it looked like. Overnight rates in the high twenties and a currency that a single billionaire with an agenda could successfully attack. Tell me about all the upsides.

[deiseguy]

I think what is unthinkable for most of these guys is that we are going to have european tax levels without the services. We are going to have to pay for this one way or the other now, Lenihan took on these debts, so there is no getting out of it. The EU will be perfectly correct in refusing to support us having extremely low tax levels while they print money for us.

If we want to hang on to foreign inverstment here we are going to have to work harder & longer, tax more, earn less per hour and pay off debt. There is no going back to the make believe land we had. That is what losing economic soveignity means. The idea that the main plant of our policy to date is based around returning property to boom prices levels shows that the government has yet to accept that.

We simply cannot have high wages, high social welfare and very low taxes while holding out a begging bowl to the EU. We need a serious rethink.

For the record and for what its worth I agree with most of what you've posted.

[jpc]

I think what is unthinkable for most of these guys is that we are going to have european tax levels without the services. We are going to have to pay for this one way or the other now, Lenihan took on these debts, so there is no getting out of it. The EU will be perfectly correct in refusing to support us having extremely low tax levels while they print money for us.

If we want to hang on to foreign inverstment here we are going to have to work harder & longer, tax more, earn less per hour and pay off debt. There is no going back to the make believe land we had. That is what losing economic soveignity means. [COLOR="Red"]The idea that the main plant of our policy to date is based around returning property to boom prices levels shows that the government has yet to accept that. [/COLOR]

We simply cannot have high wages, high social welfare and very low taxes while holding out a begging bowl to the EU. We need a serious rethink.

Ah, long tern economic value.
Very very long term economic value.

[Tommythecommy]

For how long will the ECB fund our budget deficit?

We are supposedly required to reduce our deficit to 3% of GDP by 2014 which would be about 5 billion assuming our GDP remained constant

At the end of August our Budget deficit was 12.1 billion. The Europeans also require members to reduce government debt to be reduced to 60% of GDP. Our Government debt is most likely to be 120%of GDP as opposed to 60%

Repaying interest on our Debt alone at 6% and rising is a huge burden let alone reducing the debt by half.

It is difficult to see growth being more than 2% a year over the next five years.

It seems that there is a lot of reducing of spending to come. How does this square with the Croke Park agreement?

[Expatriot]

Croke park is in the bin. Forget it even happened. There will be further pay cuts within weeks.

[truthflyer]

Looks like the dirty deel will be done soon..........

There goes our freedom

FF are nothing but traitors they should all be hanged outside the Dail tonight