Friday 20 April 2018

Greece! Civil servants can retire in their 40s and woodcutters get a bonus for working outdoors

It is perhaps the ultimate sign of a basket case economy. Greece is so strapped for cash that it is expected to borrow up to €1bn from poor old Ireland. Its government owes about €300bn and is unable to pay it back, leading rating agencies to classify Greek bonds as "junk'' this week.

Compared to that, Ireland is positively flush with cash. Our national debt is only around €100bn.

Ireland is still the "I'' in that exclusive club of virtually bankrupt nations known by waspish investments wags as the PIGS. (Portugal Ireland Greece Spain). But we are no longer poster boys for European economic ineptitude. That honour belongs, for the moment, to Greece.

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