Ah, Ireland, a debtor nation…

22Nov10

The big news for you who have been boycotting newspapers is that Ireland is so bankrupt that it has to accept billions from the EU to stay afloat.  Up to 100 billion Euros. All due to Irish hubris. Just what we all need, taxpayer money to save the banks.  

We all read about the Irish Renaissance when property values were rediculously over inflated, as was Irish business’ self perception. Everyone was living on credit, and now the major banks are in deep doo-doo, all created by their own greed and over-ripe sense of self importance.

We have heard loads of stories of people with giant loans who has been brought to the brink of bankruptcy by overspending.  Also, the government made a fateful 2008 decision to insure its banks against all losses — a bill that is swelling beyond euro 50 billion. ($69 billion) and driving Ireland’s deficit into uncharted territory.

Tourism is basically dead, business is in decline, the EU is uninterested: begorrah, it ain’t the old Ireland.

Ireland is a country of 3 million people (about the same as Arkansas). And yet it requires billions to  cover its excesses. Surely, the Germans and British must be mightily pissed off.  Ultimately, Germany is looking down a dark tunnel, thanks to Holy Catholic Ireland.

I think in my earlier blogs I described the failure of the Celtic Tiger to expire – I was still seeing Mercs and Beamers all over the place, inexplicably, and, as we all knew, the Irish economy was tanking, big time, i.e., get out the travel brochures. I like the sound of Latvia.

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