So who really bore the burden of our recession and recovery ?

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By Cormac Lucey The question of who bore the brunt of the bitter economic adjustment Ireland faced in the years immediately following 2008, as economic boom turned to bust, has always attracted heavy political attention. It’s also attracted academic attention as various experts have trawled through the data to measure the impact of the bust on different social strata. The … Read More

Threat of a global debt landslide could still bury us all

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By Cormac Lucey Irish house prices rose by more than 12% last year. According to the stockbrokers Davy, this rate of increase isn’t sustainable — as sharp property price increases aren’t being matched by comparable jumps in incomes. In Dublin, prices have regained about two-thirds of the drop they suffered between 2008 and 2013. Rents, meanwhile, have surpassed boom-time levels. … Read More

EU bullies continue to ask the impossible of Greece

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By Cormac Lucey, Sunday Times, 15 May 2016 It’s déjà vu all over again for Greece. Once more, it has missed its financial targets. Once more, Greece must come up with fresh cost-cutting and revenue-raising proposals. And once more, eurozone finance ministers must meet in Brussels to decide whether Greece has come up with sufficient austerity measures for them to … Read More

Do we face a recession made in China?

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By Cormac Lucey in the Irish Sunday Times,  9 Nov  2015 Central Bank Governor Patrick Honohan was quite right to warn the government of an overly generous budget. In an August letter to Finance Minister Michael Noonan, Honohan warned of “the danger of using windfall fiscal gains to justify long lasting spending commitments.” Similar advice was heard from the Irish … Read More