Croke Park? More like Stroke or Broke Park
Figures hint that now is the ideal time for the Government to alter terms of the deal, writes Marc Coleman
Published 25/09/2011 | 05:00
Just when I thought we were out, they drag us back in. Thursday's growth figures showed the Irish economy recovering on the back of strong export growth in the second quarter. I had predicted that we could do it, provided governments curb excessive spending and avoid tax hikes.
The trouble is, that across the world, government paralysis in the face of chronic debt is destroying confidence in the global recovery, affecting share prices and inter-bank lending. At the same time "beggar-thy-neighbour" currency depreciations -- induced by governments -- are killing the thing Ireland needs most: export growth.
On Friday, the World Trade Organisation warned that world trade growth was slowing down, and a leading European think tank, the Netherlands Bureau for Economic Policy Analysis, even warned it could grind to a halt.