Ireland’s ‘official’ debt to GDP is c. 125% and our full annual deficit is +7% (all government costs)
About 20% of Ireland’s GDP is an accounting transaction (i.e. likes of Google routing revenues offshore on which we earn no tax)
There is lots of analysis on the web what Ireland’s ‘true’ GDP is but Seamus Coffey did a simple comparison.
The league table alone (with Luxembourg), will show you.
Ireland’s true like-for-like debt to GPD is c. 155% and annual deficit c. 9% (i.e. worse that Greece).
The troika know this and that is why they are so hardcore’ regarding Ireland maintaining its austerity targets.
(After all, at 125% Ireland’s debt is no worse that Italy who is undergoing less forced austerity than our coming budget).
Ireland made an amazing recovery in 1990 from a debt to GDP of c. 120%.
At that time the country was materially underleveraged (bottom of the Euro league table in consumer indebtedness).
The leveraging up of the Irish consumer (i.e. the true Celtic Tiger) led to dramatic GDP growth and killed the debt.
Not so sure the same feat can be achieved now that the consumer if very indebted (top of the Euro and World league tables).
Some how, one way or another, this will have to be paid for.
The ordinary consumer maxed out and the Germans are awake to Google (and others) in getting Euro revenues gross to Bermuda.
Property taxes, wealth taxes - i.e. taxes on those who have it are the only credible way out (and even that will take time).