The bail-out costs will lift the fiscal deficit from the planned 11.75 per cent of gross domestic product in 2010 to 32 per cent.
The FT article is here. Is it really Irish "austerity" that the market has been punishing?
Further update on Irish austerity
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Ireland is behaving like a telecoms company in 2001 – writing off tens of billions of “losses” in order to book higher profits (surpluses) in future years as it unexpectedly discovers 500,000 Irish houses actually do have a value greater than zero!
http://www.knowingandmaking.com/2010/09/where-did-irelands-money-go.html
Whether or not the “market” is punishing Irish austerity, the effects of the austerity have been a depression:
http://socialdemocracy21stcentury.blogspot.com/2010/09/irelands-sham-recovery-gnp-versus-gdp.html
The idea that austerity leads to growth is pure nonsense
Yet another EU country with funny accounting (while nationalists decry it as an Anglo-Amerikkkan press attack):
http://ftalphaville.ft.com/blog/2010/09/30/356201/an-anonymous-tip-off-regarding-spanish-gdp/
Prepare to see more of this in the next 20 years as the old folks break the pension funds of Europe and beyond.
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