Ireland’s woes are more than a bank crisis - FT.com
Between 2008 and 2015, three-quarters of the increase in Ireland’s net debt will be accounted for by the budget deficit, as opposed to recapitalisation of its banks. In other words, the bailout may have been required even if the banks had not run aground.
It is well worth a read an highlights the point that it was greed and lousy politicians that got us where we are.A “social partnership” model, in which unions, employers and the government sat down to agree pay deals, enabled the public sector to expand 35 per cent between 2000 and 2008. A secretive “benchmarking process” was set up that awarded public servants an average 32 per cent pay rise between 2003 and 2008, with only lip service paid to reforms.