Tag: Irish economy

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Irish Government Reaps Reward for Exiting the EU/IMF/ECB ‘Bailout’

Michael Green

Calling it a bailout was never a good idea as it was anything but a bailout. The loans provided by the European Union, European Central Bank and the International Monetary Fund to the Irish Government had two main purposes: to keep the Euro currency alive and to allow Ireland to repay French and German banks and bond-holders who were owed billions by the bankrupt Irish banks. The fact that the Irish Government needed the cash to meet the wage-bill of the ridiculous numbers of public and civil servants employed by this tiny country was very much incidental. The EU/EBC/IMF had … Continue reading Irish Government Reaps Reward for Exiting the EU/IMF/ECB ‘Bailout’

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Funeral Directors Aim Daggers At Irish Minister

Michael Green

The recent decision by the Irish Government to scrap the ‘Bereavement Grant’ has less than impressed those involved in the Funeral business in Ireland. The 850 Euro grant was previously paid to families of the recently deceased to assist with funeral expenses. In an attempt to deflect from criticism of the grant’s abolition Ruairi Quinn, the Irish Education Minister, suggested that there is ‘insufficient competition’ in the funeral business in Ireland. Clearly he thinks that the cost of funerals is being inflated by the bereavement grant and thus has no problem disposing of it. It is estimated that the cost … Continue reading Funeral Directors Aim Daggers At Irish Minister

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Dublin Property Market Increase Sparks Fear Of A New Bubble

Michael Green

The Irish people do not need any reminding of the devastating effect that a property bubble can have. Back in 2008 when the property market in Ireland imploded the Irish banks had to go cap-in-hand to the Government for support. ‘Back us or the ATMs will stop working’ was the blunt message offered to the Irish politicians of the time. They duly obliged by underwriting the deposits held by the banks, preventing any mass withdrawal of funds by the public and financial institutions. The problem with the bank guarantee was that, while it kept the ATMs operating it also underwrote … Continue reading Dublin Property Market Increase Sparks Fear Of A New Bubble

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Calls For End To Austerity As Ireland Plunges Back Into Recession

Michael Green

Those commentators who have been critical of the overuse of austerity policies in Ireland are claiming that Ireland’s plunge back into recession is proof of their views. Since 2008 the Irish economy has been battered by international forces beyond its control in addition to massive self-inflicted damage caused by a property market bubble and the near collapse of the Irish banking system. The effects were far-reaching. Unemployment stands at 13.7%, public services have been slashed, bitter wrangling continues between the Government and its own employees in the Civil and Public services. Emigration has soared to Famine-era levels while those left … Continue reading Calls For End To Austerity As Ireland Plunges Back Into Recession

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Ireland Criticized by US Senator

Michael Green

The Irish tax system is under the microscope after US Senator Carl Levin called the country a ‘tax haven’ and this despite the fact that the US government does not officially class Ireland as one. The Senator is clearly unhappy with the fact that Apple Inc, the computer technology company, is reported to only pay as little as 2% tax on its profits by registering its business in Ireland. By doing this the profits can be funnelled through Ireland and then on to an actual tax haven country, thus avoiding a big tax bill in the US. It is clearly … Continue reading Ireland Criticized by US Senator

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Rip-Off-Ireland Shedding Its Expensive Image

Michael Green

The perception that Ireland had become a very expensive country – a rip-off Republic – emerged during the Celtic Tiger boom era of the 1990s and early part of the current century. Photo From Free Public Domain Photographs With near full employment (only 4% unemployment at the height of the prosperity – now unemployment is over 14%), staff could afford to pick and choose their jobs, pushing up prices, offering poor value, inflating business costs. How things have changed. With the Tiger slain the economic crisis that nearly sank the country in 2008 and 2009 has seen earnings plummet, taxes … Continue reading Rip-Off-Ireland Shedding Its Expensive Image

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Lose Your Cable TV If You Want a Mortgage Write-Down

Michael Green

The issue of mortgage write-downs or ‘debt forgiveness’ has been a very thorny one in Ireland ever since the Irish banks effectively collapsed and were taken into state ownership. Thousands of home-owners lost their jobs at about the same time as the value of their property plunged. They found themselves in negative equity, preventing them from selling their now-devalued property and trapping them in apartment blocks and rural housing estates in a vicious circle that is hard to escape. The realization that a certain level of mortgage write-downs would have to be granted was greeted with a mixture of despair … Continue reading Lose Your Cable TV If You Want a Mortgage Write-Down