Some light at end of tunnel
Published 13/04/2010 | 05:00
THE report by the Economic and Social Research Institute (ESRI) on Ireland's economic prospects confirms some of our worst fears, but also holds out hope for the much-delayed and much-longed-for recovery.
In recent times there has been constant speculation about the total cost of the banking bailout. Here, the report brings unequivocally bad news. Its forecast comes close to the most shocking figures mentioned, estimating the burden on the taxpayers at a barely imaginable €73bn.
Can we afford it? The short answer is that we must. We must bear the pain and work our way to better times. But the better times will not come soon, and there will be plenty of pain.