Saturday 16 December 2017

John Downing: Why roadmap to recovery doesn't inspire confidence

Bon voyage: The IMF's Peter Breuer, left, Craig Beaumont, centre, and other delegates leave the Finance Department after the Troika's final visit in October last
Bon voyage: The IMF's Peter Breuer, left, Craig Beaumont, centre, and other delegates leave the Finance Department after the Troika's final visit in October last
John Downing

John Downing

WHEN we woke up after our seven-year slumber it was Christmas Eve 2020. Everywhere there was evidence of a 'job-rich recovery' and those troika ogres were not only dead but well rotten.

Dearly though, we all wish to believe it is still December 2013 with a long road ahead, sloping upwards over a mountain of national debt, past a still snaking unemployment queue, and a struggling banking system which is still more millstone than national asset.

So, let's sack Pollyanna as our narrator and start this story again. The Irish nation emerged on Sunday from a three-year €85bn rescue programme funded by the International Monetary Fund and the European Union. As we did so, the economy showed signs of recovery with modest growth and falling unemployment down at 12.5pc from a high of over 14pc.

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