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Starvid:
Indeed, I think that this argument does carry a certain weight: Ireland was getting out of its troubles faster than other peripheral economies, as many economic migrants have gone back to whence they came, and the swiftly falling real wages (="flexible" labour market) have pushed down unit-labour costs, increasing competitivity, saving the trade balance and making the bail-out more or less unecessary.

But Ireland already had a trade surplus.

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by A swedish kind of death on Thu Dec 23rd, 2010 at 12:33:30 PM EST
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Even more an argument that there was no need for the bailout, and that Ireland was served by having a "flexible" labour market.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Dec 23rd, 2010 at 04:07:45 PM EST
[ Parent ]
The Irish labour market doesn't really have anything to do with it, unless you wish to argue that its pre-existing balanced trade is due to labour market FlexibilityTM.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Dec 23rd, 2010 at 04:23:35 PM EST
[ Parent ]
Since the problem with the Irish economy was taking on the banks debts, the bailout was always unnecessary unless the purpose was to circulate money from the countries supporting the bailout to the banks of said countries (via Ireland).

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Fri Dec 24th, 2010 at 06:11:40 AM EST
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