The Worst Recession !
The International Monetary Fund forecast: “the worst recession in the developed world.” Dublin Ireland a land in which property crippled banks are struggling to remain open. A Washington based lender claims “its economy shrink 8.5 percent this year, unemployment rise from the current 11.8 percent to 15.5 percent next year, and lose euro35 billion ($49 billion) — about 20 percent of its gross domestic product — in defaulting loans chiefly to property developers.” Originally the numbers were much lower and to combat this growing deficit the government of Ireland is raising taxes and cutting spending. In attempts to reduce spending Ireland resorts to an infamous method known as cutting back, cutting back on welfare that is.
How does this recession affect the world economic status?
Will Irelands struggle to remain in the Euro Zone be short lived?
Can such a deficit be possible in the United States?
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