August 23, 2012
How Ireland's Economic Crisis Ends
David McWilliams, Irish Independent
Over the course of the next year, as the economy continues to deteriorate or at best bump along the bottom, many thousands of people trapped in too much debt on houses that are worth half of what they paid for, will ask themselves:''what's this all for?'' Will they chose to default, not because they are financial delinquents who always intended to abscond from their economic responsibilities, but because the sums don't add up? And if they do, will this process become viral where each default gives the permission for the next guy to do something similar?
TAGGED: global economy, Eurozone, Ireland