Ireland has become the best paradigm of bailout receiver, whereas Greece has become the worst paradigm. Dublin has easily passed every quarterly review of its program, while Greece is always playing dirty games. Ireland has the heart of a Celtic Tiger, whereas Greece has the heart of a Trojan Horse. Irish are honest, but Greeks are crooks!
If you look at Irish bond yield performance next to PIGS, you start to see Ireland in a more favorable light. The premium investors demand to hold Irish debt over German debt shrank by 60 percent. http://venitism.blogspot.com
Ireland began to reverse a decade of reckless policy decisions in 2008 and had already dished out three austerity budgets by the time the troika came to Dublin. In fact, the memorandum of understanding Ireland signed in November 2010 was in large part an extension of the four-year austerity plan the then government published just days earlier.
A property boom fuelled Ireland's Celtic Tiger economy but when prices crashed in the last five years, the foundations of the 1980s and early 90s meant it could fall back on a strong export sector when the financial crisis and resulting austerity crippled domestic demand.
As Ireland's outlook has improved in recent months, a deepening crisis in PIGS has heaped pressure on the continent's leaders to consider previously taboo steps.Much of the recent fall in Irish bond yields followed a statement by European leaders that they will look at cutting the cost of Ireland's bank bailout by October.
Alongside a low corporate tax rate that has attracted big employers such as Google and IBM, this explains why Ireland's economy is forecast to grow modestly for a second year in a row while Greece's may fall by eight percent.
When companies invest in Ireland, they're pretty sure they are going to get product out the other end. Everybody's got to do their own bit. Irish are making sure that they have a proposition that works. Then you put yourself in the best possible place to either shield yourself from the downside or try and benefit from any of the upside.
A promise by Draghi to do everything needed to save the euro gave Dublin a shot in the arm on the day of last week's auction. With a four-year head start tackling its banking crisis, investors see the risks in Ireland as far smaller than those now emerging PIGS.
Ireland is on schedule, it's on track, the idea and the plan is in place. PIGS are much further behind, they're still at the panic stage, and they don't really know how to fix this. Greece has acquired a bad name abroad and that is one more thing making life difficult for exporters.
Greece is becoming a Third World country! The government of Greece tortures hoi polloi with huge taxation, 23% VAT, infinite bureaucracy, overcriminalization, kangaroo justice, police brutality, cybercop barbarity, myriad licenses, myriad applications, infinite queues, unbelievable political corruption, myriad bribes, and infinite sadism. Only kith and kin of piggish Graecokleptocrats bypass this torture. http://venitism.blogspot.com
Pasok and Nea Democratia mafias must be abolished now, because they have robbed the Greek treasury and the pension funds, received myriad bribes and kickbacks, exchanged sinecures for votes, spread the cancer of socialism, destroyed the Greek economy, robbed the banks at gunpoint, imposed kangaroo justice, persecuted dissident bloggers, established the kleptocratic impunity, framed a ridiculous constitution, enslaved Greece to Fourth Reich, debased the Greek soul, transformed the cradle of democracy to the cradle of kleptocracy, and deteriorated the national character of Greece. The freakish government of Greece stole my computer and my life!
