Thursday, September 15, 2011

Stark warning Ireland needs to speed up austerity effort to ensure bailout success


Jürgen Stark’s abrupt exit from the powerful executive board of the European Central Bank sparked turmoil in the euro zone last Friday. Hours before his resignation was made public, he was interviewed by ‘The Irish Times’ in his Frankfurt office and made the case for public service pay cuts in Ireland to bring the public finances under control
JÜRGEN STARK seems like he hasn’t a care in the world. He is within hours of his resignation from the European Central Bank but gives nothing away, as he argues for cuts in Irish Civil Service pay to help bring the public finances under control.
This is toxic politically and would blow apart the Croke Park deal, which compels the Kenny administration not to cut public pay or make compulsory redundancies

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