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Ireland's Not-So-Grand Bargain Options
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Ireland is paying close to 6% for the cash it is getting while European authorites are paying 3% to issue bonds in January 2011. With the rate at 3.5% over German bond yields, J.P. Morgan estimates that Ireland would have to generate a primary surplus, excluding interest costs, of 2.3% in 2015. This is what it would take to stabilize debt against GDP. Borrowing at one percent lower Ireland would need a primary deficit of 0.2%. Ireland is in its third year of fiscal austerity, and this unjustly penalizes Ireland. An interest rate reduction would be contingent on Ireland achieving fiscal targets and monitoring by the European authorites.
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Ireland becomes a test for E.U. crisis remedy - The Washington Post
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Ex-Anglo Irish Executives Charged
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Krugman and other experts on the decision of the government of Ireland to guarantee all the debt of its runaway banks.
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This decision has burdened the Irish people with the debt that banks incurred in a burst of speculative frenzy in real estate. This was possible as bankers were working together with politicians and developers. German and British banks made poor lending decisions and loaned money freely to Irish banks. Banks should share in these losses but the decision of the Irish government has put the burden on the people of Ireland, with a third year of severe austerity cuts in the face of a 14% unemployment rate. The investigation into Anglo Irish Bank.
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Tests Show Irish Banks Still Ailing
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Government debt: Behold 2011, the year of sovereign shocks
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Efforts to fix the Irish banking crisis.
11/15/2010
The European Union and IMF efforts to help Ireland fix the problems with its banks.
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Ireland's Bailout Balancing Act
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Irish government, seeking bailout, unveils $20 billion in spending cuts, taxes
Washington Post 11/24/2010
BusinessWeek 11/17/2010
EU Outlines Bond Restructuring Plan
Wall Street Journal 11/28/2010
Ireland and the 2012 referendum on the EU Fiscal Treay
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Grouped Articles
Ireland Faces Battle Over Europe Stability Treaty
New York Times 05/01/2012
In test for Europe, Ireland votes on fiscal treaty - The Washington Post
Washington Post 05/31/2012
Ireland Voters Expected to Approve Fiscal Pact
New York Times 05/30/2012
Ireland Approves Fiscal Treaty
New York Times 06/01/2012
EU Fiscal Pact Is Approved by Irish Voters
Wall Street Journal 06/02/2012
Ireland's Not-So-Grand Bargain Options
Wall Street Journal 02/25/2011
The economy of Ireland in 2011-2013
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Grouped Articles
In Ireland, Hope of Retroactive Relief
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The New Generation Leaving Ireland
BusinessWeek 02/11/2010
Ireland Makes Moody's Less Blue
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Setting Pace, Ireland Predicts December Exit From Bailout
New York Times 10/13/2013
Ireland Faces Seventh Year of Austerity
Wall Street Journal 10/16/2013
Hardships Linger for a Mending Ireland
New York Times 12/11/2013
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