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Critics lining up to attack Irish authorities

Critics are this weekend lining up to attack the Irish government amid signs that the economy is weakening further and the financial strength of the Irish authorities is under real pressure. A number of people believe that austerity measures currently ongoing are nowhere near enough to rein in the budget deficit and try to at least put the Irish finances on a sounder footing. There are now accusations that the Irish authorities have been very vocal in the press although when the proof is in the pudding perhaps they have not delivered as quickly as expected?

In many ways the Irish authorities are there to be criticised after stepping forward to confirm they would back bank deposits 100%, a move which later backfired and lead to further investment in the struggling Anglo Irish bank. When you take into account the potential €50 billion bailout fee for the financial services industry in Ireland, together with a potential €50 billion cost of setting up a "bad bank" for toxic property loans, this does lay open the gaping wounds of the Irish economy.

To say that the economy is on a knife edge is no understatement but to say that Ireland is already effectively bankrupt is very far from the truth.

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