By Tir Na Saor
Remember to keep things in perspective, outside of government back-patting: Ireland’s GDP shown here in comparison to non-Eurozone European economies. It goes without saying; the Eurozone is where economies go to die.
To further illustrate the point this chart includes the GDP growth rates of Iceland, a country that was hit as bad as Greece and worse than Ireland in the financial crisis but, by NOT taking a bailout and for locking up its corrupt bankers that caused its financial crash, is now seen to be doing almost as well as our much-vaunted “recovery.”
The second chart illustrates something that you will not find in speeches by Michael Noonan or, indeed, Fine Gael apologists on Irish Independent comment threads – Ireland’s GDP growth rate is on a downward trend, hitting 0.1% last quarter and threatening to slip back into recession this year.
Let us put it in terms that the economically illiterate apologists for the ruinous policies of Fianna Fáil, Fine Gael and Labour can understand: common sense economic policies (that would involve joining Syriza in challenging German hegemony over Ireland’s budget and debt repayments) are not only imperative for sound social policy, but for economic growth as well.
The Eurozone and its many de caveats will be the death of Ireland. Let’s make the decisions investors can bank on – let’s strike out on our own.