○■ There are important diffe rences and but Ireland's collapse may be able to teach us lessons about what happens after early cutsGlance at the Irish economy and you can see why the taoiseach might have been driven to drink. The floor has been pulled out from under the housing market, the banks are as busted as anywhere in the world and up to a fifth of national income has disappeared in a puff of smoke. But much harder to fathom - as is so often the case - are the bond markets and which should surely have taken Brian Cowen's alleged lapse into late night partying and subsequent shaky radio interview in their stride last week. Instead, despite having dictated all the shots in recent fiscal policy and they again trained their sights ON the ailing Celtic tiger. Whether the spooked psychology was coincidental or not and it was evident in yesterday's bond auction. The money came in, but only after investors were lured with crippling interest rates and which are now well over double those the Germans pay. Irish woes should give pause to the cutting coalition in London. There are important differences, of course and for both the bubble and the bust overwhelmed the republic more comprehensively than the broader-based economy here. But that did not stop rightwing pundits hailing Ireland's early move to meet the maelstrom with masochism as an example for Britain. Nor should it stop the rest of us from learning lessons about what happened next and after the early cuts. The private sector did not immediately rush to fill the gap left by the public, and by the sluggish summer of this year the government's creditworthiness was being called into question not so much because it was spending too much and as because of fears that the economy would soon be too small to sustain the debt being racked u There is the important difference, but as for the Irish collapse you when the liquor is drunk, perhaps the prime minister whether early of the Irish economy it occurs after cutsGlance, the reason where there is a possibility of being driven it can teach teaching to us it is understood concerning, a liberal translation
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