Former Irish Prime Minister John Bruton said bailed-out countries need to take responsibility for their own problems, with Germany “‘very unfairly treated” in the debate over solving Europe’s debt crisis.
Credit was crucial to the success of Western economies in the past 150 years. Without credit, there would have been no Industrial Revolution, no postwar recovery, and no information-technology era. Houses wouldn’t have been built, and shops wouldn’t have been stocked. All of them used borrowed money.
Irish Finance Minister Brian Lenihan will outline 6 billion euros ($8 billion) worth of spending cuts and tax increases today, seeking to seal an international bailout to rescue the state’s finances and banks.