Ireland readies budget plan as massive bailout looms
http://news.brisbanetimes.com.au/breaking-news-world/ireland-readies-budget-plan-as-massive-bailout-looms-20101120-1820w.html
DUBLIN — Ireland moved Saturday towards finalising its four-year crisis plan for cutting its budget deficit which could pave the way for a multi-billion euro bailout. The four-year plan is aimed at sorting out Ireland's budget deficit. The government has pumped some 50 billion euros into its stricken banks, pushing its public deficit to 32 percent of output -- more than 10 times the EU limit. The new austerity drive is looking to save 15 billion euros between now and 2014.
The seeds of destruction of the European Union and the currency have been sown. The Union rewards wastrels with wealth from the workers. How can such a system last for much longer? When the next financial doomsday is upon us, can the Union withstand another assault that's even more brutal than the one we witnessed in the past 2 years? My guess is no because systemic risk will be a daily event at that point and wealthy EU members cannot keep the entire membership roll afloat.
Whatever austerity measures that are adopted by the wastrels in these next 1-2 years will be forgotten when the good times return. They are coming soon and when the world is basking in the loving warmth of the golden sun once more, the next disaster will be lurking around the corner. Memories are short and the wastrels rule the world.
DUBLIN — Ireland moved Saturday towards finalising its four-year crisis plan for cutting its budget deficit which could pave the way for a multi-billion euro bailout. The four-year plan is aimed at sorting out Ireland's budget deficit. The government has pumped some 50 billion euros into its stricken banks, pushing its public deficit to 32 percent of output -- more than 10 times the EU limit. The new austerity drive is looking to save 15 billion euros between now and 2014.
The seeds of destruction of the European Union and the currency have been sown. The Union rewards wastrels with wealth from the workers. How can such a system last for much longer? When the next financial doomsday is upon us, can the Union withstand another assault that's even more brutal than the one we witnessed in the past 2 years? My guess is no because systemic risk will be a daily event at that point and wealthy EU members cannot keep the entire membership roll afloat.
Whatever austerity measures that are adopted by the wastrels in these next 1-2 years will be forgotten when the good times return. They are coming soon and when the world is basking in the loving warmth of the golden sun once more, the next disaster will be lurking around the corner. Memories are short and the wastrels rule the world.
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