{"id":15834,"date":"2010-11-24T15:52:58","date_gmt":"2010-11-24T20:52:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=15834"},"modified":"2010-11-24T15:52:58","modified_gmt":"2010-11-24T20:52:58","slug":"ireland-resists-austerity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/24\/ireland-resists-austerity\/","title":{"rendered":"Ireland Resists Austerity"},"content":{"rendered":"<p><strong>By James McKee<\/strong><\/p>\n<p>Ireland&#8217;s bailout from the IMF is contingent upon severe austerity  measures that many Irish politicians are resisting vehemently. If the  measures do take effect civil unrest in Ireland is virtually guaranteed  since the rest of Europe has already become very unstable. Riots in both  France and Greece are sure signs that Ireland will probably follow suit  if their country is met with the type of cutbacks that are being  proposed. Among these measures is a cut to the minimum wage amount,  drastic cuts to social welfare programs, public employee layoffs and  greatly increased property taxes. Depending on Ireland&#8217;s reaction the  Euro may suffer greatly in the Forex Currency Exchange.<\/p>\n<p>Any one of these measures would surely result in protest if not outright  rioting in a modern nation, the fact that they are all required for  Ireland&#8217;s &#8220;bailout&#8221; is quite detrimental. If Ireland does not accept the  bailout the central bank will probably call in its debt from the  country and an all out economic depression will ensue within the  country. Given its close proximity to both Europe and Great Britain it  is likely that any fallout Ireland experiences will have grave  consequences for the GBP and the EUR.<\/p>\n<p>Ireland is more or less bound to accept the terms of the EU&#8217;s and the  IMF&#8217;s support at this point because if they do not the country&#8217;s economy  will collapse on itself. The currency currently used in Ireland is  backed by their central bank (who can simply pull value out of it) who  can make or break their economy. Ireland is between a rock and a hard  place and the rest of Europe is waiting with baited breath to see what  occurs. In the long run Ireland is better off rejecting the austerity  measures and allowing their economy to collapse which would shrug off  their central bank but in all likelihood they will accept the measures  and perpetuate their debt.<\/p>\n<h3>About the Author<\/h3>\n<p>Author is a Forex trader and financial analyst residing in Denver,  Colorado. To stay up to date on all the latest developments in the  financial world and beyond be sure to check out the <strong><a href=\"http:\/\/forex.tradingcharts.com\/foreign_exchange_rates\/\" target=\"_new\">forex exchange rates<\/a><\/strong> regularly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ireland&#8217;s bailout from the IMF is contingent upon severe austerity measures that many Irish politicians are resisting vehemently. If the measures do take effect civil unrest in Ireland is virtually guaranteed since the rest of Europe has already become very unstable.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15834","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=15834"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15834\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=15834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=15834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=15834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}