Right now in the last gasp of 2009, economic world commentators are muttering the word 'Ireland' distainfully, under their breath, as they reflect on its dramatic 'boom to bust' star-trail, now firmly in an alarming decent. Hailed previously as a shining economic example to other small european states, current economic figures and returns are causing the Irish government 'bean counters' many sleepless nights. So what is actually going on there and is this little green edge of western europe now 'Down or Out ?' Let us consider some salient points that may help explain the current 'state of fear and intrepredidation ' in Irish economic circles.

The nineties in Ireland were the boom years for many. The flames of the fire of Ireland's amazing economic growth were fanned by factors including easy access to mortgagae facilities experienced worldwide and the fact that Irish banking regulation seems to have left a lot to be desired. Just now, as property developers and banks alike await the outcome of the Governments 'Nama' rescue plan, houseowners and those with credit card/other debt often incurred where a principal earner has lost a job, are going to jail. Unrest is palpable when the cash-strapped public sees developers owing millions loaned to them by banks with seemingly open-ended, freely-available credit. Anger too as the CEO of the Irish health service is offered a due bonus of some seventy thousand euro, on top of his threehundred thousand plus annual income. And the media haven't escaped either, with anger being vented towards highly paid television presenters whose salaries have, for the first time, been recently published. One commentator questioned how one presenter could possibly earn a whopping weekly average of some nineteen thousand euro, ' what man in Ireland is worth nineteen thousand euro a week...to do what exactly? Not even our Taoiseach and senior ministers earn anything near that. what exactly is going on in this country?'

Recently, when Iceland went into economic meltdown, the question being asked was what is the difference between Iceland and Ireland ? The letter c being the answer causes little laughter in a European country, fresh from a vote to ratify the Lisbon Treaty, albeit after a first attempt that was rejected by the people. Did they vote 'yes' this time simply out of fear perhaps looking over their shoulder at the economic disaster staring this country in the face. One major Irish bank predicts that Ireland's GDP is expected to contract by 4% this year and that the budget deficit for 2010 will be 9% of GDP, a rise from 6.3% in 2008. Now given that the EU limit is just 3% it can be stated that all is not well...all is not well indeed!

Some would claim all is not lost with claims by it's industry development body, the IDA that some €2.0 billion has entered Ireland by way of inward investment in 2008.With a December 2009 budget expected to rock the country, no forward momentum in the Irish economy is expected until 2011. However, the Paris-based OECD has just produced a report stating that 'Ireland will have permanently lowered living standards'. Now that's news........ just think about that statement for a moment........perhaps that will focus the minds of what's left of the Irish economic 'think tank'.

'Down or out ?'...it seems the game has just begun with Ireland currently losing ..by a quite a margin!