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To: pepsionice
Note -- you can't club Ireland, Portugal or Spain with Greece -- they were not profligate spenders with no industrial base like Greece

Ireland and Portugal's problem was being in the euro zone when they are actually smaller, more competitive markets. Ireland's problem was different from Portugal in that the Irish freed their banks too much and then bailed them out instead of letting them sink.

The Irish govt has done A LOT to remedy this -- they took voluntary cuts, they cut spending drastically. Salaries in Ireland have gone down massively and they would have recovered now if it wasn't for the euro

Portugal's problems are different -- while not profligate like Greece, they have not much of a base to grow and they have truly been the victims of run-away speculation.

Spain is different from the other three -- the problem is the overheated building market and the socialist govt they've had for the past 8 years.

10 posted on 05/12/2011 7:06:23 AM PDT by Cronos (Libspeak: "Yes there is proof. And no, for the sake of privacy I am not posting it here.")
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To: Cronos

This is true...

hilarious video regarding Spain’s problem with la burocracia in Spain:
http://www.youtube.com/watch?v=BZGHPpEmH14


11 posted on 05/12/2011 8:08:35 AM PDT by Katya (Homo Nosce Te Ipsum)
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