Stories about Ireland are leading both the Ft.com and WSJ.com.
WSJ:
Ireland’s deepening troubles raise doubts about the wisdom of the stringent fiscal austerity measures that the former Celtic Tiger and other European countries have put in place, which effectively hamper consumers and take cash out of the economy.
At the same time, Ireland’s gloomy prospects mean the government may have to make even deeper cuts this winter to reduce its budget deficit, which is expected to surpass 25% of GDP this year, the biggest in the 16-nation euro area by that measure. The possible doubling in the deficit—now about 12% of GDP—is due largely to the cost of bailing out troubled banks.
FT:
News that Ireland’s GDP fell 1.2 per cent in the second quarter added to the anxiety, as did rumours of a default by Allied Irish Banks. It should be stressed there has been nothing to suggest the latter is anything other than market scuttlebutt.
The markets are confused by Allied Irish Banks (AIB, known as AIB) and Anglo Irish Bank (‘AIB’ known as Anglo)?
Jesus lads, even a name change, just for the next day or so?
the scrapping incentive rebate to encourage the purchase of new cars was an act of lunacy and pandering to a vested lobby group for no benefit to the economy.
Friends in the motor industry tell me of many ten year old cars in pristine condition and with ridiculous low mileage heading for the scrap yard simply because their owners had idle cash savings in the bank and could not resist the generous government “subsidy”
How many millions has left the already cash starved banks due to this nonsensical incentive to send money out of the country?
I knew a sub who used to make that same mistake all the time. Annoying and a bit depressing all at once.
she is very good but she can play piano