Sunday, 28 November 2010
The story keeps shifting
Slí Eile: 28 November we are told (1) 'Without this external support, the State would not be able to raise the funds required to pay for key public services for our citizens and to provide a functioning banking system to support economic activity' and (2) 'The Council has today extended the time frame by 1 year to 2015'. Last Wednesday we were told that there was no alternative to 2014 (it had been 2013). The goal posts keep changing as deflationary policy impacts negatively on domestic growth. And 10 days ago we were told that we were fully funded up to mid-2011. What story next? Nobody really believed 2013 (and then 2014). It may be 2020 before the public deficit is down to 3% of GDP and possibly longer if the current deflationary strategy of flogging the half-dead horse is continued.