The Irish economy has become the first in the EU to officially slide into recession. Here in the UK, we're most probably in the middle of one already, but we'll have to wait a while longer yet for the official figures to confirm it.
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Gary
September 25th, 2008 2:37pm Report this commentIreland is in dire straits. The Marxian acid has taken much longer to take hold over there but the flood of immigration saw the acid burst through the dam and now it's spilled everywhere.
So what happens now in recession? There's a whole load of people out of work and the welfare bill is about to soar.
The borderless Europe has unleashed chaos for all of the countries but because they no longer rules themselves, there's nothing they can do about it.
It just stinks.
Verity
September 25th, 2008 3:11pm Report this commentGary - agreed. It always was a blueprint for chaos.
Polly and Alice's mum
September 25th, 2008 3:28pm Report this commentAnd did any of you read that some in Ireland are saying 'lets get out of the euro'?
Poor deluded fools!
Verity
September 25th, 2008 3:50pm Report this commentInteresting point, nevertheless, Polly and Alice's Mum.
The Irish don't have the muscle to get out, but the Germans do ...
Tommy Judd
September 25th, 2008 6:34pm Report this commentOh yawn. Ireland has entered a recession after growing at an average rate of 6.5% since it joined the Euro Area in 1999. While much of this performance was built on construction, the Irish authorities did an outstanding job of building up a budgetary surplus, hacking away at public debt and containing wages within productivity growth. The pace of growth had to slow and it was the global credit crunch more than rising ECB interest rates that turned a deceleration into a recession. Mortgages at 5.5% are hardly onerous and neither are short rates at 4.25%. The Irish have no need or desire to leave the Euro Area. What they did and were right to do was veto the Lisbon Treaty.
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