Emmet Oliver: Anglo horrors undermine successful budgetary plan
Published 18/09/2010 | 05:00
After several weeks of intense market pressure, Ireland's battered economy is finally getting some support from outsider observers, who are trying to bring a semblance of balance to the debate about the economy's fundamentals. The support comes at a vital time when borrowing costs are soaring.
Credit Suisse, Switzerland's second biggest bank, is rightly pointing out that things are far more complex in Ireland than some outside analysts care to admit. This is sensible comment -- much of the commentary on Ireland from Europe and the US has been hopelessly ill-informed and often out of date.
While nobody is trying to deny the monumental scale of the bank rescues, the chief strategy to bring the deficit down remains on track. Spending for 2010 is under control and tax receipts are broadly in line with targets set down by Finance Minister Brian Lenihan in December.