Last Friday afternoon the Irish Independent published a story about a potential Greek-style EFSF-IMF bailout for Ireland which seems to have been based entirely on the section in the Barclay’s report that first made the suggestion the previous day. As reported in the Irish Times:
“If there are additional financial sector losses or the economy worsens, [...]

The Central Bank Governor, Patrick Honohan, is outraged. In particular, he is outraged that Irish bond spreads are so high, ridiculously high. Don’t the ‘international markets‘ realise the dynamism of our export sectors, the budgetary and tax reforms, the pain we have suffered to get our public finances under control? Why are they still doing [...]

Dan O’Brien - who is producing work at the Irish Times at a phenomenal rate - quotes approvingly from the Department of Finance:
‘In formulating policy, the Government took on board evidence from international organisations, such as the EU Commission, the OECD and the IMF, as well as the relevant economic literature which indicates that consolidation [...]

Remember a few months ago, when ICTU proposed postponing the target year for Maastricht compliance to 2017? There was a widespread rending of garments and universal condemnation of this most irresponsible and reckless proposition. I recall an interview with our erstwhile Minister O’Dea who went apoplectic at the idea predicting economic Armageddon and the wrath [...]

Greece is in trouble. On May 19 the government has to pay an €8.5 billion bill for money borrowed on the private markets 10 years ago.
But the Greek government is broke and can’t borrow any more from the private sector to pay its debts. It runs the risk of being the first developed capitalist economy [...]

Between 1970 and 2002, the Continent of Africa received some US$540 billion in loans. Despite repaying some US$550 billion in principal and interest over the same period, a UN study revealed there was still some US$295 billion outstanding.
In 2005, as a result of its outstanding debt, Kenya was obliged to spend as much on the [...]

The IMF has suggested that the Irish Government’s growth projections are too optimistic and should be scaled back. So has the EU Commission. This has grave implications for the Government’s current strategy; if growth doesn’t come right, fiscal targets will be missed, debt will pile up, unemployment will remain high and living standards low. The [...]

Despite the wondrous technological developments and global wealth generated since the start of the 19th century, billions of people continue to live in the direst conditions of poverty. While this is clear from even the most casual observation of anyone who has travelled, lived or worked in the South (the Southern Hemisphere), the definition of [...]

Seriously, though, who is going to read all that?
I think it was the ancient Greek philosopher Epididymis who was said, “Woe be unto him who is know not what he has got. For his neighbour will be livid when he catch it off him.” At the time, he was talking about the pneubonic plague that [...]

Great. Coming home from a few days break and there’s the IMF, holding open the cell door. The projections are worrying enough, though hardly new.  Still, to be reminded one more time that the economy is crashing through the double-digit barrier - it doesn’t really perk up your day. The real worry is the prescription, the [...]