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Five things we should be really scared of

Oil prices

Poised to top $100 per barrel any day now, mad oil prices will act as a brake on global recovery, hitting demand for Irish exports and damaging the domestic economy as prices rise.

Interest rates

The German economy is powering ahead, fuelling suggestions that the ECB will push the button on an interest rate hike. Grim stuff for the 300,000 people in negative equity.

The Banks

There's still no credit for business. The Irish banks are all still

completely banjaxed. The restructuring of the whole sector in coming months may have little impact on Ireland's strangled businesses. Have the IMF/EU given us enough to properly recapitalise the banks?



Consumer confidence has plummeted over the last month, according to economist Austin Hughes's latest KBC Ireland/ESRI Consumer Sentiment Index.

This fall was due to the arrival of the IMF and the impact of the Budget. Consumers saving rather than spending means the domestic economy will continue to gasp for air.

Jobless Recovery

Will the domestic economy grow fast enough to help us pay off our debts? Er. . . it's not looking too good. But a massive default and exit from the euro are now looking extremely unlikely.

Instead, a rising tax burden, crippling repayments to Europe and the IMF and the so-called jobless recovery could see Ireland lumbered with sluggish growth for a decade or more.

Sunday Indo Business