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IRL - Irish Debt Sustainability Miracle(s): ECB And MNCs
New Ireland Fund Inc
Originally published August 10, 2019
As a part of yesterday's discussion about the successes of Irish economic policies since the end of the eurozone crisis, I posted on Twitter a chart showing two pivotal years in the context of changing fortunes of Irish Government debt sustainability. Here is the chart:
The blue line is the difference between the general Government deficit and the primary Government deficit, which captures net cost of carrying Government debt, in percentages of GDP. In simple terms, ECB QE that started in 2015 has triggered a massive repricing of eurozone and