Irish Spring Can't Come Soon Enough
Looks like international liquidity to help prop up the Irish banks will likely be finalized next week. While reviewing the terms of the bail out, Irish PM Brian Cowen shrugged and quipped "It's all Greek to me".
In all seriousness, I have a deep affinity for the land of Ireland and its people. After cutting services and raising taxes on its 4.5Million citizens, its cost of borrowing increasing, and it's banks seeing a continued outflow of capital, the country has been brought to its knees; the Celtic Tiger has been de-clawed. The European powers will try to tie Ireland's corporate tax rate (a European low of 12.5%) as a condition of the loan, and in the process tear out another piece of sovereignty in the EU (a right Irish voters insisted on during the Lisbon Treaty negotiations last year).
Perhaps they should have reached out to Tony Soprano for better terms.
In all seriousness, I have a deep affinity for the land of Ireland and its people. After cutting services and raising taxes on its 4.5Million citizens, its cost of borrowing increasing, and it's banks seeing a continued outflow of capital, the country has been brought to its knees; the Celtic Tiger has been de-clawed. The European powers will try to tie Ireland's corporate tax rate (a European low of 12.5%) as a condition of the loan, and in the process tear out another piece of sovereignty in the EU (a right Irish voters insisted on during the Lisbon Treaty negotiations last year).
Perhaps they should have reached out to Tony Soprano for better terms.
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