Coming next - an IMF bailout?
That's what some of our Hibernian neighbours are concerned about:
"The Taoiseach Brian Cowen has endorsed the warning of a senior trade union official that the State's borrowing figures are unsustainable and could possibly lead to the International Monetary Fund ordering mass dismissals of public sector workers in the future...Mr Murphy wrote to branch secretaries of his union warning that the IMF might take action if public borrowing was not curtailed. He said that the public deficit could reach €15.5 billion by 2011 unless changes were made in the tax regime and in public sector spending. If the IMF were to intervene, wrote Mr Murphy, it could lead to mass dismissals being forced upon the public service. He emphasised the need for a solution to the current serious situation".
Statistics UK, always supposing I can believe them, show a public sector deficit of £39.4 billion between April and November last year and a public sector net debt of 44.2% of GDP.
Back of an envelope calculations make our PSD around 50 billion euros, and our GDP is around 10 times that of Erin. If our PSD grows at the same rate as that of the Republic, we will have a PSD of 61 billion euros by 2011.
That seventies revival is looking more lifelike by the day.
"The Taoiseach Brian Cowen has endorsed the warning of a senior trade union official that the State's borrowing figures are unsustainable and could possibly lead to the International Monetary Fund ordering mass dismissals of public sector workers in the future...Mr Murphy wrote to branch secretaries of his union warning that the IMF might take action if public borrowing was not curtailed. He said that the public deficit could reach €15.5 billion by 2011 unless changes were made in the tax regime and in public sector spending. If the IMF were to intervene, wrote Mr Murphy, it could lead to mass dismissals being forced upon the public service. He emphasised the need for a solution to the current serious situation".
Statistics UK, always supposing I can believe them, show a public sector deficit of £39.4 billion between April and November last year and a public sector net debt of 44.2% of GDP.
Back of an envelope calculations make our PSD around 50 billion euros, and our GDP is around 10 times that of Erin. If our PSD grows at the same rate as that of the Republic, we will have a PSD of 61 billion euros by 2011.
That seventies revival is looking more lifelike by the day.
Labels: 70s revival, Republic of Ireland
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on Wednesday, January 14, 2009 at 10:28 am.
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The Bail Out Game
There is is new web based game called the "Bail Out Game." It has you driving a truck load of money around a Monopoly like board while you make decisions about what companies to bail out. Economic events like stock market drops often occur. This would be hilarious if it didn't so closely resemble reality. You can play it here. Have fun while the money lasts
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