Monday, Sep 04, 2006
Ireland is drowning in debt
Ireland On-Line: Crisis looms as Irish debt approaches 'unsustainable' level
Total debt levels in Ireland are on course to reach €300bn by the end of next month, according to figures published today by the Central Bank.
The startling rise in private borrowing has prompted a warning from consumer campaigners that a crisis is now looming........
Posted by tom barry @ 08:08 PM (134 views) Add Comment
1 Comment
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1. Boarder said...
In Iceland they had a similar borrowing problem and rates are now 13.5% !!
Ireland is in the Euro (one size fits none) so it cannot control it's interest rates to compensate for the higher gearing and risk.
Ireland also has more immigration from Eastern Europe (per capita) than the U.K.
Ireland should make this change positive by a move to land value based taxation and away from income and transfer taxation if they do not then inflation will ruin the economy.