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Ho hum. I wonder what Krugman has to day about Ireland? Something snide and rude I'm sure.
Quote:
Ireland was brought to the brink of collapse in 2010 by a real estate crash that forced the government to backstop the country's banks, sending its budget deficit soaring and the cost of new borrowing to punitive levels.
The rescue package was made up of €45 billion worth of emergency loans from the EU, €22.5 billion from the IMF and €17.5 billion from Ireland's own reserves and pensions. In return, the government pledged to introduce a four-year austerity plan, including deep cuts in spending and public sector employment, higher taxes and a lower minimum wage.
By the end of 2014, the savings will have totaled €16.4 billion, equivalent to about 10% of annual gross domestic product.
Being of Irish family tho I'm "American" 1st; this def warms my heart. So much for the rep that Ireland is still a loser country, it sounds like they're stepping up big time.
Quote from the link. Ireland exiting and growth are relative and HIGHLY misleading. The majority of euro zone countries have imposed harsh austerity and the negative results are evident and have been evident since the downturn began. Austerity kills demand...no demand, no growth.
The figures confirm suspicions that the eurozone is struggling to generate any real momentum, as record levels of unemployment, weak investment, tight credit conditions and government austerity -- albeit at a slower pace than last year -- are weighing on demand.
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