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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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