Ireland’s situation has turned particularly perilous in recent days, with Ambrose Evans-Pritchard saying it is in its “final hours,” similar to when Greece broke down earlier this year.
Here’s why: The fiscal mess that is Ireland is so massive now it is off IMF charts.
The change in Ireland’s fiscal balance from 2009-2011 is off the IMF charts for both 2009-2010 and 2010-2011. This is because spending on the country’s banking sector has surged in the first chart, and is expected to decline in the second.
It is so bad the IMF has to write it in.
The IMF, via @samgadjones and @LorcanRK