Posts Tagged ‘ireland economy’

Ireland’s Sorry Economic Mess: Irish Economy Remains in Crisis

December 3rd, 2012 Comments off

Despite official claims from Dublin that Irish consumer confidence rose slightly, the economic outlook for Ireland remains extremely guarded. The economy remains mired in recession, with the Organization for Economic Co-operation and Development (OECD)  stating that Dublin’s  economy is forecast to have grown by 0.6 percent in 2012, essentially zero growth, with a government deficit exceeding 8 percent of the nation’s GDP.

The OECD is suggesting that Ireland, which like several other PIIGS countries is surviving on a taxpayer-funded Eurozone bailout, be allowed a delay in austerity targets if growth remains stagnant, meaning the goal of cutting the deficit to GDP ratio down to 3 percent by 2015 may have to be further pushed back. It should be recalled that the root cause of the fiscal and economic disaster suffocating the Irish nation was the decision by Dublin’s politicians to force the country’s taxpayers to guarantee the debts of Ireland’s private banks. By socializing the losses of the private banking sector, the ruling circles in Ireland have condemned their fellow countrymen to many years, and possibly decades, of financial misery.







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