Thursday, April 30, 2009
Europe! Halp us Europe!
Ireland, the former 'Celtic Tiger', is gripped by the worst recession of any developed country. The projections are startling - unemployment to hit 17% this year, GDP to fall by 12% by 2010 (worst in the developed world,) house prices to fall a third from their 2007 peak, government budget deficit to hit four times the EU limit, despite an emergency budget earlier this month slashing spending and hiking taxes. The consequences of Ireland’s dependence on the property boom have been laid clear. It's the worst performance by an industrialized nation since the Great Depression. Ireland halted EU expansion last year by voting No on the Lisbon Treaty. The perceived value of the ECB's support has helped changed minds