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Irish Recession
luvpump
Posts: 1,621 Forumite
http://news.sky.com/home/business/article/16131657
Surely puts more pressure on them to withdraw from the Euro ! Their Ecomony is hardly going to improve next year, in fact i would say probably get worse & the bulk of its trading partners are also entering a downturn ..
Surely puts more pressure on them to withdraw from the Euro ! Their Ecomony is hardly going to improve next year, in fact i would say probably get worse & the bulk of its trading partners are also entering a downturn ..
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Comments
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Not sure I see the point of withdrawing from the euro. If they invent a basket-case currency, nobody will want to hold it or buy it or trade in it."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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it would be sensible for them to default on their banking debts; leave the euro and allow their effective exchange rate to decline and so become more competitive0
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They're in a basket-case currency, creating a new currency would allow the Irish economy to find its feet - if that means the value of Irish money goes down versus the Euro then good! Ireland can sell more goods and services with a cheaper currency but more importantly there would be far less pressure on nominal wages - the currency devaluation would make real wages lower - and so increase jobs.Not sure I see the point of withdrawing from the euro. If they invent a basket-case currency, nobody will want to hold it or buy it or trade in it.
Of course Ireland is a rather specialised case with it being a tax-haven for many US and international companies trading with the EU. Being outside of the Eurozone may hinder the trade."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
Love the sub-headline here from the main Irish broadcaster that the Irish economy "sharnk":
http://www.rte.ie/news/2011/1216/economy-business.html
It's the sort of qualadee spelling and analysis we've grown to love from the likes of brit1234 and Graham_Devon - more basket case economists.0 -
They should join the pound sterling area - 'tis a serious suggestion, not a frivolous comment0
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No thanks. Remember when Germany took in The East? Took them a long to time to recover.0
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The whole of euroland will enter a recession if they don't actually do something positive about their problems instead of just talking about doing something, probably dragging us down with them. The best thing that could happen is for France to lose the triple A rating which might just kick them out of their lethargy.0
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No, it just gives them an excuse to kick us lol.0
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At least the Irish have taken major steps in addressing their budgetry imbalance. Along with reducing the balance sheets of their nationalised banks. So hardly surprising that economy is contracting.0
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