This main problem talked about in this article is the Irish’s debt. In this article they discuss the issues and how they plan on solving them. Recognizing that the Irish was struggling with money was hard for them to acknowledge but finally they did. Once they finally acknowledged this problem they were able to brainstorm ideas on how to get out of their deep debt. The idea that they came up with to solve this problem was asking for a loan from the European Union, International Monetary Fund and European Central. The loan would be in the range of billions. By publicity announcing their plan to get out of debt, they hope that this will resolve Irelands problems. As well as Ireland suffering from financial problems, Greece was where the debt first surfaced. Europe plans on helping their debt by cutting public spending, selling additional state assets and raising sales taxes. Greece’s debt was due to government overspending but Irelands was due to damage caused to overextended banks.
I think that this is a good idea for the Irish. Though it is a good idea it also is really the only way they can get out of their debt. Asking for a huge loan can cause problems in the long wrong and this is what they could be overlooking. It may help them in the beginning to get out of the debt but if they are asking for a loan that involves billions then how are they ultimately going to pay the loan givers back. Paying them back could take many years. This brings up the other problem, who is going to want to give the Irish a loan if it is going to take them so long to pay them back. These problems that arise from asking for a loan is the reason in my mind why they still have not received one.
