Wednesday 16 April 2014

Newswires' views on our economy are polar opposite

There is no risk of RTE-style 'group think' at the international newswires whose job is to tell the world about goings-on on our economically becalmed ship of State.

Yesterday, rival reporters at Reuters and Bloomberg came away with almost diametrically opposed impressions of the 'Irish Annual Report' published by rating agency Moody's. The Punt admits the annual is no 'Beano' but popular reading round our way this time of year all the same.

Reuters, in the glass-half- empty corner, hit the wires with the notably downbeat headline: "Ireland likely to need further bailout funds – Moody's."

Meanwhile, from neighbouring offices on the apparently more optimistic south bank of the Liffey, the Bloombergers led on the altogether happier news that Moody's has dropped a previously "explicit warning" that Irish bond investors could potentially face Greek-style losses – an emphasis that was much more likely to gladden the hearts of Irish ministers and investors.

So where does lieth the truth? Happily, The Punt is in a position to report direct from the horse's mouth.

The report's author Dietmar Hornung assured us that his actual view is that the current situation is, drumroll please, "mixed".

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