Author: Arrey Mbongaya Ivo Subject: Bailing Ireland Organization: African Centre for Community and Development http://www.africancentreforcommunity.com http://community.eldis.org/falcazo http://en-gb.connect.facebook.com/pages/African-Centre-for-Community-and-Development/103686769685856

1. Hunger for Ireland’s Bail Out
By Arrey Mbongaya Ivo
African Centre for Community and Development
Ireland has fought like a hungry and angry cat to resist bailouts from her European
partners and the IMF recently. The clawing and snarling comes amid deep signs of
a sick economy and weak government from Dublin. The country faces high debt
rates that have impacted on borrowing in other European states hence raising
arguments that a bailout of Ireland must come to avoid a spill over into other debt
ridden states like Spain and Portugal. But do the markets suggest that the bailing
out of the latter two states is just a matter of time?
More so, the Irish corporation tax rate that the government is fighting even harder
to maintain is lower than in other EU states hence giving arguably unfair advantage
to Ireland as a hub for prospective and actual investments.
A team of forensic economists from the ECB, IMF and EU have been visiting the
country since Thursday and have been scouting the country’s banking system whose
boss agrees Ireland will accept a rescue package worth tens of billions of US dollars.
The forensic experts are focusing on the stuttering banking system and government
spending schemes in order to see where billions of bailout money will go.
As a measure, the Irish government may have to increase taxes and doctor spending
so as to pay back her loans and increase savings and stabilize a country which many
say is a bubbling piece of meat in a bubbling pot of European Union broth.
As action time remains temporarily uncertain in the short run, the markets stay
uncertain too. Yes, just for the moment.
Author (Left): Arrey Mbongaya Ivo
Director of African Centre for Community and
Development
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