Who's sinking Ireland?

Foreign owned companies  in Ireland account for around 90% of exports and more than 50% of corporation tax. These companies cover medical devices, pharmaceuticals, ICT as well as back office financial services and their revenues have suffered little during the economic downturn.

Yet, recent reports show that Ireland is in hock to the European Central Bank to the tune of €260 billion and the country is sinking faster than the Irish-built Titanic.

So who's sinking Ireland? Is it the foreign companies who play tax avoidance games? Is it Irish owned businesses for whom its harder to push funds off to Bermuda? Surely all the dirt on the banks is now out in the open. But probably not. Banks and Politicians are alike. They promise the Earth and deliver little. And they are very very good at covering up.

Do politicians tell lies?

Are Irish banks rolling in gold and flush with cash? Well, yes they are flush with cash - but not anyone's cash - its all borrowed and the Irish public seem to fail to acknowledge or believe that their money is not theirs any more - its all gone.

But not according to the politicians. Yes, the guys who sold Ireland's soul and now want to sell it again. The Devil's afoot!

But Irish business struggle on. Good old Enterprise Ireland, God Bless them! (Well, there are a few good souls in there). This week has seen a delegation of Irish businesses (with a few politicians hanging on) out in the Middle East. That's the place where the streets are paved with gold,, in case you didn't know.

45 companies are currently in the Middle East on the trade mission in a bid to boost business, exports and jobs. Of course they'll bring home the bacon. The Brits and Yanks are so unpopular out there now that Ireland will be able to capitalise on the reputation of Sinn Féin and their 'friends' - and increase the mantra of 'we love the Irish'. Just don't mention the ;bacon' when ye are out there or there'll be all hell to pay - and no business. Remember that, lads. No Bacon!

Meanwhile, back at home Betfair has announced it is setting up shop in Ireland. Either they see the country as a good bet or they understand Google's love of Ireland, the Netherlands and Bermuda. One wonders if a new Irish company has been registered in Bermuda this week?

As if €260 billion in loans to Ireland was not enough, the European Central Bank has purchased even more Irish bonds - debt maturing in 2019 and 2025. It looks more and more likely that Ireland will be divied up between Germany and France in a few short years - unless the boys in Dail Eireann can get their act together...... Hopefully the Germans will remember we looked after their boys who ended up in Ireland in the 1940's and be kind to us.

The Brits are certainly out to get their revenge on us. Last week Debenhams admitted they milk the Irish with higher prices. Now Tesco are coming clean. The Brits are all at it, it seems. It's a well known fact that we Irish are generous and kind to foreigners (except immigrants from poor countries and they remind us of ourselves too much). But it seems our generousity extends to preferring to be ripped off by British stores in Ireland - where the prices are hugely inflated over the stores in Britain. Must be that they love us so much that they want to entice us to Britain in our droves where 'all will be forgotten and forgiven' and we'll be rewarded with a lower cost of living.

Whatever happened to the 'Buy Irish' campaign?

Tesco,  Debenhams and the rest of their club will not agree with the report in the Irish Times that claims 'consumer sentiment is down' the worst it has been in two years!

It's Dunnes Stores for me - if only they had a store in London!! Makes me homesick!