The specter of the immigrant ship lies in wait once again according to Martin Hughes.
Mr. Hughes a leading financial expert has warned that Ireland’s enfeebled economy will soon be dependent on payments sent homes by emigrants.
He is predicting that by 2020, the collapse of the economy will force emigration to levels that will see the country’s population drop to figures last seen in 2004 that in turn will pull down consumption levels and real estate prices.
“Quite different but not, we must add, altogether new. Having not depended on remittances for many decades, Ireland, like Portugal, will come to rely on these once more.”
If this grim scenario is true, it would seem like we are wasting our time repaying the bankers debts. Perhaps the better option is to repudiate the debts and suffer on our own terms. This option might be a brutal but swifter option in getting the country back on a firm financial basis.
Whatever the case it looks like a return to the sad,bad old days of the 50’s where Ireland depended on immigrant money to keep the country ticking over