FT.com / Europe - IMF sees drag on Irish growth until 2014.
Ireland faces a deeper recession than any advanced economy, while the collapse of the property market and related financial stress in the banking sector will continue to be a drag on growth until at least 2014, the International Monetary Fund says in its annual report on Ireland.
More evidence that low tax is no basis on which to build an economy.
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Another interpretation, if you look at Ireland, Iceland and to a lesser degree the UK, is that the geographical disadvantages of islands mean than they cannot compete with mainland jurisdictions and should resign themselves to poverty and to the young leaving to find work abroad.
That, after all, was the story of Ireland until the financial services boom.