“it is not possible to generate the level of primary surplus necessary to allow for debt repayment” – David Begg

From the Irish EchoBailout Relief Not Enough Says Union Leader:

Initial optimism surrounding a revised European bailout deal for Ireland’s struggling economy is beginning to dissolve after claims the Republic’s debts would remain overwhelming.

The claim was made by the General Secretary of the Irish Congress of Trade Unions, David Begg, who said Ireland would not be able to pay its debts even under the terms of the revised bailout from Brussels, which reduced interest rates on the loans from six percent to less than four percent.

Read more.

This entry was posted in Budget, ECB/IMF, Economy, EU, Ideology, ireland and tagged , , . Bookmark the permalink.

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