[Newsbot]

Title: Irish deficit balloons after new bank bail-out
Category: Business
Posted By: martin14
Date: 2010-09-30 16:12:07

[martin14]

A deficit of 32% of GDP ?



Thank God Ireland is a small country.

Thats in addition to this:
previous measures..

$1:

The Irish government has presented three austerity packages in just over a year.

In December 2009, the budget for 2010 slashed government spending by 4bn euros, cut all public servants' pay by at least 5% and reduced social welfare.

The measures include cuts of 760m euros in social welfare and 960m euros in investment projects.

Child benefit is being cut by 16 euros a month, bringing the lower rate to 150 euros a month and the higher rate to 187 euros a month.

A carbon tax has been brought in, set at 15 euros per tonne of CO2.

The Irish government has had to give staggering amounts of support to its struggling banking sector - the equivalent of 30% of the value of its economy.

Including that financial aid, the Irish deficit will be 32% this year - 12% without. The government aims to cut it in stages, to reach 2.9% by 2014.

Bad news came in September when figures showed the economy had shrunk in the second quarter from the previous three months.

Gross domestic product (GDP) fell 1.2% and gross national product (GNP), seen by some as a more accurate barometer of the economy, fell by 0.3%.

The only thing missing is another potato failure.

[BartSimpson]

The poop's hitting the fan. Funny, Obama's minions are trying tell us all that things are just rosy while, every day, things get worse.

[ShepherdsDog]

They'll just blame the feckin' English.

[Freakinoldguy]

ShepherdsDog ShepherdsDog:

They'll just blame the feckin' English.

And well they should.

Naw, they'll just line up like the rest and blame Bush.


Wasn't it not long ago that Ireland was being touted as a mecca of the affluent young professionals in Europe, where everyone under the age of 40 was living the good life?

How times change. I guess they must have had an Irish version of Fanny Mae and Freddie Mac running the show.

[martin14]

It was, they called it the Celtic Tiger.


It's now been neutured and declawed.


Everyone in Anglo Irish above the rank of loan officer should resign or be fired.