Nor let speculation grow without any riskThat of peripheral States reached the summits last weekBut a purely Malthusian policy has never created value in the long termThe prospects look better at European levelSocrates in the Meno queries a young slaveEurope out of the larger bubble of credit historyThe tax expense in the PLF 2011 thus stood at EUR 2The European debt crisis is poised to enter a new phase at high riskThe latter is already among the thirteen major economies of the worldAnd comes to a radical change of perimeterMany analysts believe that the Ireland takes the path of the Greece and will be bailed out. That answer you
It's funny, when markets take a certain direction, there are still followers. Then, people change their minds and wonder why they were able to think so. Of course, there are concerns. But we hope that the rebalancing of the public accounts plan, which must be voted on 7 December, will reassure both international investors and domestic economic agents.
How much time do you have
The Government has the advantage of having bags of cash and the Irish debt maturity is 6 to 7 years. Therefore we are not in the emergency of some countries. But the return of economic activity depends on the restoration of confidence. Therefore it does not wait for months. This is why the Government is working on this budget. We could take the lead in may - at the time where the Ireland concerned not as much as other fragile States - but we have not done. Therefore, we are now subject to a certain anxiety.
Some analysts argue that the country draws its reserves of cash
We exceeded this stage. Everyone knows that gross debt is 98.6 of GDP and falls 70 if it includes reserves of cash and pension fund. These figures will appear clearly in the budget. In reality, must be eventually considered the topic of reservations of cash for the issue of the "timing" of the necessary return of the Ireland in the markets as a borrower. This could push this back a few months but this is not the intention of the Government. The idea is to issue again early 2011.
Do you think that something must be done to calm markets
You have a suggestion There is a plan to reduce the budget deficit of 6 billion next year and EUR 15 billion in total over four years. I think that the markets consider it satisfactory, even if they want to know the details. We must see how the situation evolves. The situation is moving for weeks now and the Irish Government knows that he must restore confidence in markets.
Would it be so bad to be refloated by Europe or the international monetary fund
The rulers of a country do not like losing their freedom of action. They fear to negotiate programmes suit them not. European Stability Fund Manager expects also not what we asked for their help. The Ireland has been fairly transparent in its communication with the markets and has already done half of the road to the restoration of its financial equilibrium.
Would the Ireland be better off outside the euro
The excesses of the real estate sector have generously financed in euros and the boom coincided with the first year of our membership in this area. However, other countries outside the euro area have experienced excesses. Then, since the bursting of the bubble, belong to the zone euro was of inestimable value for the Ireland because this brought financial stability. If we were outside the euro area, we would be much more speculative mechanisms toy. Of course, this means consideration that rebalancing through cuts in nominal wages. What is hard.
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