Sunday 22 January 2017

Ireland is like a dying beached whale

With a flawed tax system, how long before there is rioting on streets here, asks James Fitzsimons

Published 14/08/2011 | 05:00

CALLING THE SHOTS: European Central Bank president Jean-Claude Trichet 'may be happy to pump money into our banks but it is stifling recovery'
CALLING THE SHOTS: European Central Bank president Jean-Claude Trichet 'may be happy to pump money into our banks but it is stifling recovery'

If any more countries are downgraded by the ratings agencies, Ireland will soon be back on par with the best of them. The US lost its AAA rating and there were rumours that France was under threat. It shows that no one can escape the ravages of the global downturn.

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The best financial minds in the EU thought they had stabilised the situation in Greece and avoided the contagion spreading. But it didn't work. No sooner had they gone on holidays than everything had fallen apart. But it wasn't just the eurozone. Rioting and looting broke out in Britain. Anarchy doesn't encourage inward investment. In contrast, we in Ireland have taken the austerity measures lying down. Even if it is not in our own best interest, we are working within the system. Not only do we offer a 12.5 per cent rate of tax for companies that locate here, but we also offer a stable and safe environment in which to work. Can we make it any easier for the Government?

Meanwhile, as financial markets show no confidence in governments, stock markets plummet. The only people surprised by market reaction were Eurocrats.

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