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And that is a illusion. The Irish debt did rise fast because they had a deficit caused by the economic crisis. Negative growth, a tax system depending on the house bubble, 13% unemployment will cause a significant deficit.

Take 2010. Of the famous 30% deficit, 20% or so are guarantees etc. to the banks. But 10% is the ordinary deficit. And these "ordinary deficits" alone have caused a significant part of the debt.

by IM on Sat Feb 5th, 2011 at 06:56:42 AM EST
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