CNN Money article on Irelands economic woes

[RyeSixSeven]

Just read this. Barring a little bit of blarney and a few mis-spellings, I think this article is the most balanced summary I have seen of our celtic tiger history, our recent economic woes, Govt action sofar and possible future outcomes.

http://money.cnn.com/2009/05/13/news...tune/index.htm

[voodoochile]

This article nails it completely. Balanced accounts of the past, the present, and a stark reminder of the choices facing Cowen & Co. for the future.

How many of you think that he has the balls to make those choices and make the reforms that are needed?

[PresidentLee]

Public spending jumped an astronomical 63% from 2003 to 2008......................

How did Ireland get into this mess? The short answer is that the advantage that gave Ireland its roar - its tremendous strength as an exporter - has waned. After growing 15% a year in the late 1990s and early 2000s, exports rose just 6% annually during the past six years.........

From 2003 to 2006, Ireland's costs vs. those of the U.S., Britain, and other trading partners outside the eurozone increased by 30%

Bertie for Mayor!

[cd27]

good article

[DCon]

So far, the government's response is to borrow its way out of trouble. Public spending jumped an astronomical 63% from 2003 to 2008. Now a weak economy is decimating tax receipts, leaving the government this year with a projected 11% budget deficit, the worst fiscal shortfall in Western Europe.

"We had to bid for people who could become teachers and health-care workers with the best pensions in Europe and total job security," says William Slattery, chief of U.S.-owned bank State Street in Ireland.