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Ireland might have those problems as well, though. Ireland is special among the GIIPS in that the difference between trade and current accounts balance is driven mainly by repatriation of profits rather than debt service. This would not be made to go away by defaulting on external debt.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 1st, 2012 at 04:39:51 PM EST
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For US firms doing business in Ireland that should be 'expatriation of profits' as they don't usually make it to the USA, going instead to some tax haven domicile.


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue May 1st, 2012 at 07:26:47 PM EST
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