Ireland – An extraordinary shift in power

Morgan Kelly, in excellent form, produced a tour-de-force in the Irish Times, covering the banking crisis that is sinking us. He reprises the figures from his earlier article on Vox (covered on Slugger here) – Ireland is on course for a debt-to-GNP ratio of 140%. The issue of national sovereignty has for so long been the monopoly of republican headbangers that it is hard to know whether ordinary, sane Irish people still care about it. Either way, we will not …

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Ireland: 2012 – We Were Warned!

Not only by the Mayans – Morgan Kelly is back. This time he estimates that banking losses could turn out to be much more severe than predicted during the Nama debates, which will bring our very own Greek tragedy to our shores. Whatever happened to Ireland? Adding these bank losses to its national debt will leave Ireland in 2012 with a debt-GDP ratio of 115%. But if we look at the ratio in terms of GNP, which gives a more …

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