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Marc Coleman: Central Croke Park myths exposed in a single sentence

WATCHING paint dry. Gulping down several pints of water. Watching reruns of Oireachtas Report. Unless you're an economist, its hard to think of things that are more boring than reading an economic paper. But if you do ever read one, the one I recommend is The Public Sector Pay Gap in a selection of Euro Area Countries by Giordani et al.

In one single sentence, this paper blows to smithereens two central myths surrounding the case for the construction, defence and – if the papers are to be believed – the continuation of the Croke Park deal. And while the paper is written by ECB staff, it does not reflect the views of the ECB. Therefore the response, "Ah that's the crowd who forced us to bail out bondholders," is invalid. Quite apart from the fact that the Croke Park deal forces us to bail out a public pensions liability four times greater.

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