How can Greece dig itself out of crisis? From the sunny shores of south-eastern Europe, it could do worse than take a look at the windswept, north-western corner of the continent and study what the Irish government is doing.
As I noted last week, Greece, in spite of the disastrous condition of its public finances, has hardly suffered at all so far in terms of the living standards of ordinary citizens. Gross domestic product is thought to have slipped by a mere 1.1 per cent last year. By contrast, Ireland has experienced a vicious recession: between the fourth quarter of 2007 and the second quarter of 2009, Irish GDP slumped by more than 10 per cent. Read more