In the week when Irish debt/GDP pushes above 125% that some of the luminary 'green jerseyists' said it will never do, let's say loudly to ourselves: "Ireland is not Greece..."
A gentle reminder to stay calm and not to worry, because, as we now know, debt does not matter at all... what matters is pants,.. bright pink pants...
Chart source: http://www.bis.org/publ/arpdf/ar2013e1.pdf
A gentle reminder to stay calm and not to worry, because, as we now know, debt does not matter at all... what matters is pants,.. bright pink pants...
Chart source: http://www.bis.org/publ/arpdf/ar2013e1.pdf
3 comments:
And to think Greece didn't follow through on reforms on their first bailout, then defaulted on this debt after being issued their 2nd bailout. Ireland on the otherhand did what they were told and now we are in more debt than Greece. What can I say great leadership again from our political class. No mention of household bebt on the Irish bar? Do Irish households really have no debts
Actually, the above chart shows increase in debt. Greek debt is 160%. So as Constantin says, "Ireland is not Greece!"
Yes, Sean - a labeled - change in debt. Thus, for example, of further note the lack of reduction (relative to GDP) in household debt in Ireland (and in Greece - an increase in such), also notable increase in non-financial corporations debt in Ireland (largest of all), and finally - the fact that Irish GDP declined by a fraction of Greek GDP decline. Another point of note: Portugal, especially relative to Spain, Spain relative to the UK.
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