Thursday, 29 September 2011

Greece’s debt difficulty is Ireland’s opportunity — but we must plan now | Irish Examiner

Greece’s debt difficulty is Ireland’s opportunity — but we must plan now Irish Examiner

THE countdown has begun. It is a matter of when, not if, the Greek government and creditors will have to reconcile a 50% default on their sovereign debt.
With total loans of €353 billion, their national output of €200bn cannot sustain repayments. More liquidity won’t resolve underlying insolvency. Even if an interim €8bn is sanctioned in coming days, it only postpones the inevitable. IMF, World Bank, G20, US Treasury, markets and now European leaders have begun to drop denial and start planning for fallout on the euro and global economy. Ireland should rethink it's own strategy...
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