Monday, 4 October 2010

Sure an’ begorrah, could you be lending me a few Euros?

WELL, first you have the Taoiseach accused of being ‘under-the-weather’ in a radio interview, then you notice that your economy hasn’t just been in the water closet, but has been flushed all the way past the U-bend.

This, of course, is unfortunate for our neighbours in the Republic of Ireland, as they come to terms with the costs of bailing out the banks as the Celtic Tiger’s pelt is hung lifeless on the ropes of greed and un-checked lending.

And, it seems that the impact will be felt here too. NAMA – the bad loan bank - have explained that some loans were taken out against property in Northern Ireland with valuations far, far above than their actual worth.

Questions will, no doubt be asked in the House, and after the initial raft of radio and TV coverage there will be learned comments in the newspapers that are too big to wrap chips in.

In the long run, however, we may also gaze at the cuts that have been levelled in the Republic.

The public sector has been slashed, wages frozen and other measures have been implemented and the national debt is still huge.

Will, a similar package of actions be undertaken here in Northern Ireland, and if so, will they fail as spectacularly here?

In the meantime we launch an urgent appeal. If you have recently returned from a Eurozone country and have a few Euro coins left rattling round the spare change drawer please, please send them to Dublin. Every Euro you send can help…

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