Today\u2019s data point of the day goes to Ireland via this\u00a0story\u00a0and graphic in the Washington Post in which the magnitude of the nation\u2019s budget deficit (as a percent of GDP)\u00a0 is learned.<\/p>\n
One day after requesting a bailout worth more than $100 billion,\u00a0financially troubled Ireland plunged deeper into a political crisis that could complicate a rescue deal<\/strong>\u00a0with the International Monetary Fund and European Union.<\/p>\nIn Dublin, Prime Minister Brian Cowen, under fire for mishandling the crisis, said he would step down early next year. But he resisted calls to tender his resignation immediately, vowing late Monday to remain in office and push through an austerity budget next month that is considered essential to clinching the rescue deal.
\n\u2026
\nCutting government spending will probably be a cornerstone of the deal. And it remains unclear whether Cowen, whose coalition has a slim majority in parliament, can still muster the votes needed to pass the budget. He called on parliament to show political courage when legislation is presented Dec. 7.<\/p>\n
\u201cWe are focused on an issue of great national importance,\u201d Cowen told reporters in Dublin.\u00a0\u201cAnd the biggest statement that can be made in this country at this time is to pass this budget.\u201d<\/strong><\/p><\/blockquote>\nIn thinking about how a nation might extricate itself from such a dilemma, the recent wisdom of Jeremy Grantham is recalled when he talked about the problems facing the U.S. Federal Reserve in trying to resuscitate the U.S. economy after more than a decade of burst asset bubbles. Grantham said,\u00a0\u201cWell, I wouldn\u2019t start from there\u201d<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"Today\u2019s data point of the day goes to Ireland via this\u00a0story\u00a0and graphic in the Washington Post in which the magnitude of the nation\u2019s budget deficit (as a percent of GDP)\u00a0 is learned. One day after requesting a bailout worth more than $100 billion,\u00a0financially troubled Ireland plunged deeper into a political… Continue Reading Ireland Deficit Now 32% of GDP?<\/span><\/i><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nIreland Deficit Now 32% of GDP? - The Mess That Greenspan Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timiacono.com\/index.php\/2010\/11\/23\/ireland-deficit-now-32-of-gdp\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ireland Deficit Now 32% of GDP? - The Mess That Greenspan Made\" \/>\n<meta property=\"og:description\" content=\"Today\u2019s data point of the day goes to Ireland via this\u00a0story\u00a0and graphic in the Washington Post in which the magnitude of the nation\u2019s budget deficit (as a percent of GDP)\u00a0 is learned. 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