Economy

Peter ‘n the “old boys”…

say we are heading for bailout; we’ll need some growth to cover bond yields of 8.95% if thats where it goes. From www.businessworld.ie: Goldman: Ireland will need bailout Wednesday, November 10 16:58:42 There is a “big possibility” that Ireland and Portugal will need to seek aid from the European Union, Erik Nielsen, chief European economist […]

Germany, France and a Lisbon “Make-over”

Arthur Beesley has a good piece in the Irish Times today where he starts to piece together the situation regarding the combined German/French push to bring in new rules on the management of financial affairs by EU member states.

Labour & the Public Finances

The glare of mainsteam media is starting to light up Labour’s lack of detail when it comes to the hard decisions needed to mend the public finances; just one example from David Quinn today: http://www.independent.ie/opinion/analysis/david-quinn-balancing-budget-will-be-no-tea-party-mr-gilmore-2390277.html While Anger Management may be a ‘good start’ it ain’t a workable policy;  time for the ‘Deargaí” to come out from under the […]

Who says 3% by 2014?

My interest in this debate at the moment is to find out WHO is demanding 3% by 2014 i.e. why not 0%, 2% or 4%? Brendan Keenan seems to be closer than anybody else to finding the answer…: http://www.independent.ie/opinion/columnists/brendan-keenan/brendan-keenan-eus-2014-borrowing-target-makes-absolutely-no-sense-2388758.html So are the German political elite forcing us down the road of severe austerity (come what […]

3% by 2014

The “3% of GDP by 2014” target for the national finances has become a “universal truth” with little or no debate. (1) Why is it 3%? Why not 0%, 2% or 4%? (2) Why is it 2014? Why not 2013 or 2015? (3) Exactly who proposed “3% by 2014” in the first place? My bet […]

Rating Agency Flip-Flops

In late August Standard & Poors cut its rating for Irish soverign debt: http://www.reuters.com/article/idUSTRE67O1DO20100825 2 weeks later S&P’s chief economist is of the view that we’re on the way back: http://www.tv3.ie/article.php?article_id=46291&locID=1.2.&pagename=news What a turn-around…..! Do we go on bended knee to thank the Agency? (Who invested such power in the Agency and who holds it fo account […]

What is NAMA?

By far the best defintion of NAMA (from a friend who shall remain nameless…!): NAMA = public works for the professional classes. Can’t see anybody topping that definition…!

Democracy Vs Consensus

There has been a perceptible draining of the centre of power out of Ireland in the last 4 weeks on account of our national budgetary position.  Just look at the stream of commentary – Ollie Rehn & Corporation Tax; the IMF; others in the European Commission; Trichet of the ECB; Fitch Ratings – the list goes […]