New Song: Irish Eyes Are Cryin’ (over deficit)


Inquiring minds are looking with trepidation at a new report on Ireland’s national debt. In the article “Ireland Prices Bank Rescue…“, Ireland comes off as a crack addict just looking to score one more time:

Ireland’s central bank has put a 34 billion euro price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional 3 billion euros by the end of the year.

But this isn’t the first intervention by friends:

The government will announce later on Thursday plans to recapitalise Allied Irish Banks, the central bank said. Dublin already has a near 19 percent stake in the lender.

Ireland has already injected nearly 23 billion euros into Anglo Irish Bank.

The citizens of each country need to intervene and stop the addicts, er…politicians, before there is nothing left.

The country’s budget deficit will balloon to 32 percent of gross domestic product this year, but Ireland aims to cut it to the European Union-agreed 3 percent by 2014, the Finance Ministry said.

Irish borrowing costs have climbed to euro lifetime highs and triggered jitters across Europe over as investors craved some certainty about the bill to wind down Anglo Irish.

Ireland, call 1-800-TEA-PARTY

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