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Taking Our Medicine

Gerard O’Neill @ Turbulence ahead, 11 March 2009

Deutsche Bank Research published a commentary today on Ireland’s situation. If they were Americans I would summarise their message as ‘suck it up’. Instead they conclude:

Due to the protracted economic recession (real GDP already contracted by around 2% in 2008 and is forecast to fall further in 2009/10) the former Celtic Tiger with annual average real GDP growth rates of 7.5% (1995-2007) has become a patient that needs to swallow the bitter medicine of correcting past exuberance.  Link to article

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