THE MOMENT I MENTIONED that a majority of Anglo-Irish bondholders spoke German, a day trader used Twitter to ask me what speaking German has to do with anything. Well, if you read the Sunday broadsheets in Ireland, you will find the steady hand of the German finance minister guiding part of the IMF solution to the mess Ireland has wrapped around its budgetary matters for the next 20 years. If the current government gets its way and passes the most austere budget in Irish history, it forces reparations onto the next generation of Irish citizens. This is worse than a war debt because the combatants finish their round by not only picking at the carcass of the Celtic Tiger but they also eat its unborn young. The front page of the major Irish broadsheets proclaim the story, while also suggesting that major changes to pay packets for State executives will change. But the way Irish contracts are written, it could be a decade before overpaid executives have to downshift from generous pay packets. To many outside observers, it is unfathomable how people in executive positions could be so handsomely rewarded. Their responsibilities don't involve any more stress or skills than those needed to run the affairs of a large city in the UK. And yet, they're often paid more than the President of the United States. It's time for change and several respectable polls in the Sunday papers say that change is coming. Up to 50 Fianna Fail deputies will be seeking another line of work at the next general election. Change in Ireland will happen. But before it takes hold, a tough and austere winter lie ahead.
Last Week: Sunday News depresses me" on 28 November 2010.
Five Years Ago: "Perilous Balance" on 5 December 2005.
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