Irish Central Bank Chief Says Celtic Tiger Era Over
The governor of the Irish
Central Bank, Maurice Connell, has sounded the death knell for the 'Celtic Tiger'
era, saying that the events of September 11th have destroyed the country's chances
of surviving the global economic slowdown. Speaking at the Oireachtas
Committee on Finance and Public Service, Mr Connell dismissed predictions of
a 'v-shaped' recovery, saying that a sharp decline followed by rapid growth
was unlikely given the current economically uncertain conditions. He then called
for a prudent budget with spending aimed predominantly at infrastructure. If the downturn intensifies,
the Central Bank governor told the Committee, economic growth next year will
be unlikely to meet the 3.5% current predictions. 'The risks to this projection
are on the downside,' he warned. Meanwhile, echoing the comments
made last week by Mary Harney, Taoiseach Bertie Ahern signalled that with the
exception of tax cuts for lower income workers, significant tax reductions are
not on the menu in the forthcoming budget, and spoke darkly of 'hard realities'
to come for the Irish people. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.