Colm McCarthy: Events beyond satire conspire to warn us that the State debt hasn't gone away
Economic recovery remains fragile 10 years after bubble burst as many banks wrestle with fears of new debt crisis, writes Colm McCarthy
When the Irish Government finances became seriously unbalanced in the late 1980s, it took a decade of cautious budgets and steady economic growth to get things back into shape.
Unfortunately, a combination of profligate banks and careless expenditure control produced a bigger crisis in 2008. Recovery from the subsequent recession has been better than many expected but the job is only half-completed. Budgets need to stay cautious for many years to come: likewise the domestic banks and their supervisors.
A re-run of the Eurozone sovereign debt crisis would make things difficult and last week it looked as if Italy had unhinged the markets yet again.