Insight: Ireland’s bailout report: Good, now fix public debt

Insight: Ireland’s bailout report: Good, now fix public debt

(from reuters.com)

“At the height of the euro zone’s debt crisis in July 2011, Ireland’s bailout looked doomed. Its credit rating had been cut to junk and borrowing costs hiked to an eye-watering 15 percent … Driven deep into debt by a bank rescue and ballooning budget deficit, Dublin sought help in November 2010 to buy time to get its budget gap under control, overhaul its banks and regain market confidence. On those terms, the program has succeeded … Ireland has hit every major target and the economy is on the mend, albeit slowly. The country of 4.6 million, with its history of poverty and emigration, managed to pass on salary cuts and tax rises without large-scale protests and also rewarded the investors who swooped on debts ranging from bad bank loans and government bonds to hotels and property assets … debt level is very high and the position is still extremely fragile … the state still controls two of the three surviving domestically-owned banks and has a residual stake in the third. Credit is scarce, hundreds of thousands of homeowners owe more money than their property is worth and the arrears problem is causing mounting concern over balance sheets … Ireland’s “Celtic Tiger” model of growth is now clearly discredited. The empty housing estates built far from amenities are a stark reminder of a boom in which people mistakenly assumed accumulating more property guaranteed their future … While Dublin forges ahead, much of the countryside remains deep in depression with few jobs and shuttered shops, meaning the government must also now address a two-speed economy”

Well, Ireland has the same problem of too much do-gooders hypocrite Christian idiocy, in so they have a very high unemployment level because, as all the other PIIGS (and as the other christo capitalist quackery nations,) have not been able to go down to 30 hours a week on labor to offset the effects of automation.

Then, as all the other PIIGS, there is an excess of stat-ism of ‘cathedrals in the desert’ and possibly of useless laws, pursuing sins instead than crimes, quackery laws only generated to please the Christian quackery. Less presence of government in economics (such as only central bank majority, defense, justice and hospitals,) would ‘definitively’ help, and at the same time, the elimination of victim-less crimes from the sources of law, would do the second great financial improvements.

Ireland felled also victim of banksters usury speculation, as in any other weak systems, the christos friendly relation with nazi predatory wall street, and other banking usury crooks group, made easy for the parsonage to prey on the people of Ireland, a serious change to outs all the past actors of the christo-banksters robbery conspiracy, including sending banksters to prisons, would probably help. But as long as the catholic do-gooders mafia runs the show, there is no hope of a healthy recovery.

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