Ireland’s economy is at the eleventh hour…

P O’Neill on A Fistful of Euros has been at the papers already and picked up some deeply worrying signs… Not least this dire warning of a collapse in confidence amongst foreign investors from Shane Ross in the Seanad:

Nobody should be in any doubt that billions of euro left this country for overseas destinations last week. Presumably billions of euro are still leaving as panic is beginning to occur in the money and currency markets. That is an indication of the kind of precipice we are now going over. There seems to be a lack of recognition of this on the Government side of this House because it does not want to face the true facts. The facts are really very serious. I do not say this lightly but believe there is an increasing number of warnings. If anybody goes overseas, he will hear the view of the Irish economy and note it is very different from the one conveyed by Members of this House, the Government and everybody else in Ireland. We are living in a fool’s paradise and are very close to a disaster nationally.

That’s ominous for a number of reasons, not least because foreign investment has been a central feature of Irish Foreign Policy since the Premiership of Sean Lemass in the early sixties. But it may have implications for more than the Republic. Ireland a country that has benefited disproportionately from prolonged sunny macro economic weather stands to suffer more when it turns into a macro economic drought, no matter what policy Government’s hands. H/T Ciaran


Discover more from Slugger O'Toole

Subscribe to get the latest posts to your email.

We are reader supported. Donate to keep Slugger lit!

For over 20 years, Slugger has been an independent place for debate and new ideas. We have published over 40,000 posts and over one and a half million comments on the site. Each month we have over 70,000 readers. All this we have accomplished with only volunteers we have never had any paid staff.

Slugger does not receive any funding, and we respect our readers, so we will never run intrusive ads or sponsored posts. Instead, we are reader-supported. Help us keep Slugger independent by becoming a friend of Slugger. While we run a tight ship and no one gets paid to write, we need money to help us cover our costs.

If you like what we do, we are asking you to consider giving a monthly donation of any amount, or you can give a one-off donation. Any amount is appreciated.