Ireland's Austerity Sends Things Quickly Into Reverse, Spooks Eurozone

[cieldumort]

The Guardian

Irish economy faces double dip recession
Ireland's economic recovery stalls as figures reveal national output dropped by 1.2% in the second quarter of 2010.

Ireland's recovery from the deepest recession of any eurozone country came to a quick and unexpected end today when the Irish government announced that national output dropped by 1.2

Comments

[underlankers]

Unfortunately the problem with swift recovery from deep recessions is that the very swiftness can imply economic overheating as opposed to actual solidity or strength of the system. More unfortunately this is Ireland, whose primary export has tended to be immigrants.

[cieldumort]

I would scarcely call anything we have seen so far "swift," save for a few Asian nations. The zone, the states, Japan... we've barely moved up, for the most part. Our GDP gaps are so huge they are sure to be the subjects of term papers for decades to come. At least until the next global depression.

[badnewswade]

That's the problem with the Euro. You can't devalue, defecit spending is limited and you're dependant on the largesse of France and Germany for a handout.

Screw that.