Moody’s says Ireland’s austerity programme won’t work

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The Guardian notes:

Ireland's credit rating has been slashed by five notches by Moody's, which also warned that the country faced an increasingly uncertain economic future.

Ignore all the waffle around this – what this says is you can’t cut and grow.

Which is obvious – see this.

But still they haven’t got a clue what to do about it.

That’s the subject of the next blog.