The economic situation is unprecedented….John Hurley Govenor of the central bank.

Amid talk of pay cuts, cuts in general and emmigration John Hurley Govenor of the central bank in the republic speaks to RTE, and states clearly that the traditional model of banking is broken. He says there are many challenges to the Irish economy,and he expects it to shrink by 4% next year. Below is some video footage of report from RTE’s week in politics on the efforts to rescue the ailing economy in the republic.

The document discussed in the first video is not without its criticisms….

and finally a little bit of explanation of the recapitalisation of the Irish banks.