My guess is that this is the start of the next wave in Ireland’s recession. While our woes are partly down to American sub-prime and the new style of global crisis, we also have the classic bust to come. Make no mistake: the demise of construction firms hurts banks.
Jesus. That’s a lot of pressing.
Doesn’t seem to have made much difference though…
So a (promise of a) big dig out came, and our neighbours are not happy. I’ve no idea whether it will work, but this report from Channel 4 highlights the trouble we’re in. Listen for Mary Coughlan hinting that this had to happen to prevent an imminent catastrophe. And Howard Davies, director of the LSE tells us (about 5 minutes in) that the move was a sign of a complete lack of confidence in the Irish banks. Very scary:
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