Will Ireland follow Greece?

There are constant comparisons being made between Greece and Ireland of late. Recently, Sky News aired an interview with The Economist Intelligence Unit lead analyst Megan Greene. In this interview, Greene argued that the bailout is insufficient to lead Ireland out of the crisis. According to Greene, it is only a fraction of the amount the Economist Intelligence Unit forecast Ireland would need to prosper. The bailout funds are clearly inadequate to cover Ireland's debt and pull it out of the crisis. It seems to be the case that the bailout will actually lead Ireland into more extreme debt further down the line. It is merely delaying the inevitable.

Reports are continuously being produced indicating that the bailout is the wrong way to go. The governments plan to bailout the banks is further exacerbating the matter. A scathing report on the state of Irish debt and planned expenditure has been produced by Morgan Kelly which appeared in The Irish Times on the 22nd of May 2010. This article has recently been considered by Suzanne Lynch and Laura Slattery of the Irish Times. Greene argued that the bailout is insufficient whereas Kelly is of the opinion that as well as being insufficient this attempt at saving Ireland will actually cause us to fall into greater debt. Kelly believes that Ireland's downfall and national bankruptcy is inevitable and this attempt to bail Ireland out will actually put us in a worse position by delaying the unavoidable fall to bankruptcy.