The irst is a giant Bank rescue operation

That things are well clear: the Ireland is not the Greece. acing an unprecedented crisis dangerously that skid public inances, the Irish authorities seem to be set a goal to car e a responsible country image. Rarely cited, the woes o the Greece are clearly in all heads. In act, e en i the public debt o the Ireland will be less than 80 o its GDP to the end o 2010 (against 120 Greece), the trend is the same: a ter a public de icit weighing 11.7 o the GDP last year - is almost as much, proportionately, as Athens-, the Ireland seems to party or display, this year, the worst per ormance o the euro on the plan. The country be able to a oid becoming the new epicenter o the inancial markets panic Thomas Cone rey, Economist at the economic research centre Esri, hope: "the misad entures o the Greece ha e shown the cost o inaction." At least, the Ireland has a plan.

Clean up the banks

Remains whether this is good. or now, he has been pleased to in estors, who continue to lend to Dublin with relati e serenity. It is based on two pillars. The irst is a giant Bank rescue operation. There was urgency: it is estimated that the amount o bank loans which may be badly repaid rises between 70 and 80 billion euros. In the years 2003-2008, a huge bubble ocused sector, ueling a booming housing prices as excessi e. In retrospect, the oreign Minister, Micheal Martin, conceded a "monumental ailure o the control de ice". What Doyle Macdara, o the Con ederation o trade unions, adds "o relations between inancial and political cronyism."

With the global crisis, sou lé dropped and Dublin decided to create a hi ing-o to redeem at negotiated prices, the "rotten" assets o banks to clean up their balance sheets. It is estimated that the State might ha e to pay around 40 billion to buy these loans! But at least Micheal Martin hoped that the acti ity o credit "should start to impro e rom here about a year". Enterprises need well, the image o PM Group, in the management o complex projects specialized. Its inancial Director recognizes that "the restriction o credit hinders international expansion".

The other pillar o the remedial action plan was to make drastic cuts in the budget o the State. To reduce spending to EUR 4 billion in 2010, the Minister o inance including cut in the salaries o ci il ser ants and declined all o about 3 percent social bene its. or Thomas Cone rey, "it was pain ul, but necessary because without it the de icit reached 16 o GDP." Both worse i economic theory ad ises against austerity in times o crisis This is not the opinion o Macdara Doyle: "Not only these cuts are un air because they strike the weak, but they represent a major threat to the Irish economy." It has experienced a contraction o 15 in two years! And household consumption, which ell 7 last year, is expected to remain in negati e territory this year. "The threat is that o an economic depression," worry Doyle Macdara.

The multinational blessed

Dublin bet, in any case, is assumed. To the charge o social injustice, the authorities counter that cut in the salaries o ci il ser ants is acceptable because they had e entually win "on a erage 20 more employees in the pri ate equi alent competencies", in the words o Thomas Cone rey. When questioned on this politically sensiti e point, Minister Micheal Martin is doing by a spin: "We were all too paid in Ireland." In short, a ter the years o sheer scale, it would be simply to return to a more realistic and reasonable management.

As concerns the consumption o households, Dublin regarded as secondary. That is important i times are hard in the country is external demand that the Ireland will draw his sal ation. "We are a small country, and we ha e built our success on exports." "It is not question o questioning this strategy", disposes o rank Ryan, who heads the Agency Enterprise Ireland, to help local companies to internationalize.

I the time is the mea culpa or the errors o the national banking system, attraction o oreign in estment strategy, based on a competent work orce and a ery ad antageous taxation or multinational corporations, is howe er not questioned. It must be recognized that it has helped the country catch up with giant steps behind the rest o Europe. Most o the major American businesses around the Internet are on the spot. The image o acebook, Google, Paypal, LinkedIn, but also Apple and IBM. With undeniable e ects o training on the rest o the economy. Best, exports ha e continued to increase in some areas in 2009. The objecti e is there ore to accelerate, to create an astounding 62 additional jobs by 2020. And some e en consider the current crisis as a more. "Our production costs ha e signi icantly dropped, it is excellent or our competiti eness," said John O'Brien, who directs the Agency to help multinational corporations on Irish soil. In the ideological match between the Germany and the rance on the weight to be gi en respecti ely to internal and external requests, Dublin clearly chose his camp...