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Links for 2010-12-01

  • Barry Eichengreen on the Irish bailout : ‘The Irish “program” solves exactly nothing – it simply kicks the can down the road. A public debt that will now top out at around 130 per cent of GDP has not been reduced by a single cent. The interest payments that the Irish sovereign will have to make have not been reduced by a single cent, given the rate of 5.8% on the international loan. After a couple of years, not just interest but also principal is supposed to begin to be repaid. Ireland will be transferring nearly 10 per cent of its national income as reparations to the bondholders, year after painful year. This is not politically sustainable, as anyone who remembers Germany’s own experience with World War I reparations should know. A populist backlash is inevitable.’
    (tags: ireland economy bailout eu euro)

  • Video: Robots Explain The Irish Economic Crisis : Pretty good explanation, actually
    (tags: news ireland robots youtube debt eu politics economy)