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The following article was published in our article directory on November 17, 2010.
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Ireland Government Debt More than one Hundred Billion Euros

Article Category: Business

Author Name: xia zihui

Global stock markets mostly fell on closing, one important reason is that the debt crisis of the European market fears a comeback, and bear the brunt of the debt crisis is Irish.

Ireland's government debt is currently over 100 billion euros this year, the fiscal deficit to GDP ratio of 32% in urgent need of outside assistance, so as not to further Greek footsteps. Last weekend, European Union officials to consult urgently with Irish officials, while the amount of aid in excess of billion dollars.

Super billions of euros of government debt

2008, before the outbreak of the global financial crisis, the Irish economy continues to grow, the annual growth rate of 5% to 11%, and is considered to be typical of the European success story. However, after the financial crisis, real estate and financial services rely on the Irish model of economic growth bear the brunt of the economic year 2008 to decline by 14%, into a deep recession. As real estate prices falling sharply, some large banks in Ireland the verge of bankruptcy, in order to help these banks, government spending is expected to top 500 billion euros, for which the Government has over one hundred billion euros of debt, this year's annual budget deficit is expected to reach the domestic more than 32% of GDP.

Negative economic growth, the government's ability to repay debt declined sharply, investors sold heavily in the market recently the Irish government bonds. Earlier this year, Greece is precisely because the issue of sovereign default face the brink of bankruptcy, the market worried that Ireland may follow the Greek lead.

EU emergency aid providers

Greece, after the outbreak of the debt crisis triggered a chain reaction in the euro area, when many analysts even think that the euro area will thus no longer exist. For the unity of the euro area, the last EU member states launched a 110 billion euros of Greek relief mechanism, and later the Joint International Monetary Fund issued a total of 750 billion euros of European stability mechanism. Greece temporarily escaped.

The same is true of Ireland, the debt crisis, European countries worry that if there will be a chain reaction without assistance. Ireland, Germany and other countries have asked for assistance. Currently, the Irish officials and EU officials are urgent consultations, rescue program may be introduced. According to British media reports, the relief amount in 55 billion pounds to 77 billion pounds between.

Concerned with the harsh conditions of the rescue

For the rescue plan, the attitude of the Irish officials can be said Unspoken was expressed doubt that some people have hinted that anything is possible.

Ireland reluctant to accept there is one important reason is relief aid with the harsh conditions of fear, once to accept international aid, we must accept international supervision of its policies, to raise taxes, cut spending, which are related to national sovereignty, while the Irish people are very cherish their national sovereignty.

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