Tuesday 7 April 2009

Ireland imposes emergency cuts

Telegraph
"Dublin has unveiled the harshest austerity measures in the history of the Irish Republic, raising taxes and slashing expenditure in an emergency budget despite mounting evidence that the country is already tipping into debt deflation. ....The country has been simultaneously hit by two "asymmetric shocks": the global banking crisis has punished Dublin's "Canary Dwarf" financial industry, worth nearly 10pc of GDP; and since half its exports go to Britain and the US – the highest of any eurozone state – it has suffered the full brunt of sterling's crash and the overvalued euro."

No comments: