| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:The Real Big Story : UK Economy continues to shrink under Gordon Brown | |
| Posted by: | David Giles | |
| Date/Time: | 28/10/09 18:14:00 |
| Stew, To say that Ireland has prospered because of their closer ties with Europe seemed true until a year or so ago. But Ireland is no longer the Celtic Tiger it was and objectively it has suffered greatly because of its adoption of the euro and EU monetary policies and interest rates that may have been suitable for Germany and France but not for Ireland. I am Irish and I don't think anyone in Ireland seriously believes that by backing the Lisbon Constitutional Treaty, Ireland has any more global influence. In fact Ireland would probably have more influence if it hadn't backed the Treaty than by backing it. Ireland is a small country and its global influence is often exaggerated - particularly by the Irish ! In any case - people don't vote for influence globally or otherwise. They vote for jobs, homes, properity, good public services and security. "It's the economy, stupid !". Ireland is in an extremely serious economic crisis- huge public sector and private sector debts, soaring unemployment, bailed-out banks, low agricultural prices, rising taxes, public sector cuts and the departure of manufacturing companies like Dell to cheaper countries like Poland. Exporters cannot export because the euro is too expensive compared to the pound or the dollar. Government Ministers, TD's and public sector workers have taken pay cuts. Many Irish people have seen their savings and pensions wiped out by the collapse in bank shares.Huge number of home owners are in negative equity and living in homes they cannot sell and nobody will buy.Intervention by the IMF is a possibility. The situation in Ireland is much more serious than in the UK. All of this has happened very suddenly. Irish people were shocked by the speed and seriousness of the change. The full weight of the EU Commission and the EU Movement was brought to bear and the Irish people voted for the Treaty in the same way as a drowning man reaches out for a lifebelt when his ship is sinking under him. The same may happen here. |