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Ireland now an economic basket case

February 17, 2011

By Staff Reporter

And while there appears to be no chance at the moment of the IMF intervening in the Republic’s economic affairs, the global body made it quite clear in its assessment just released that the situation facing the Irish economy is, in key respects, a good deal more serious than envisaged by the Irish government.
As such, the Republic faces the worst recession in the developed world and will have to struggle to bail out its banks.
The Washington, D.C.-based institution said in its report that Taoiseach Brian Cowen’s government was adopting the right tactics to get the country back on course but said the Irish government was not pessimistic enough about its immediate prospects.
It said Ireland should expect to see its economy shrink by 8.5 percent this year and up to 13.5 percent by the end of next year, this being for the period between 2008 and 2010.
The IMF further predicted that unemployment would rise to more than 15 percent in 2010 and that Irish banks faced staggering losses of

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