Check out this op-ed column by Paul Krugman in today's New York Times. It is called Eating the Irish. Paul Krugman is no George Lee but he is professor of Economics and International Affairs at Princeton University as well as a columnist for The New York Times and won the Nobel Prize in Economics in 2008.
One commentator raised an interesting point: who are these bondholders/creditors (who should be taking the loss instead of the Irish people)? Give us the names and amounts! And the interest paid to them to date.
You know, sitting over here in the US, it has been tough to understand exactly what happened to precipitate such an economic reversal in Ireland. I read the Irish Times everyday, but it takes well-worded piece in the New York Times to hit the nail on the head.
ReplyDeleteGreat article, Rioch. Thanks for pointing it out.