Analisi: Grecia troppo indietro per copiare modello salvataggio irlandese

DUBLIN/ATHENS (Reuters) – Ireland has become the poster boy of international lenders, held up as a model of European austerity to problem child Greece.

But when the two countries sought financial help from the European Union and International Monetary Fund within six months of each other in 2010, they were starting from different points.

Ireland had an efficient public administration, a modern open economy and not much culture of protest in contrast to Greece, making it very difficult to catch up.

I think our situation was always more manageable than the Greeks’, there’s no doubt about that,” Ireland’s energy minister Pat Rabbitte told Reuters.

That is not to say the cliff off which we fell wasn’t very steep but we always had the bureaucracy and the experience to make the adjustments if the political will was there.

Rabbitte and his colleagues are set for another glowing report from their so-called troika of EU, European Central Bank and IMF lenders on Thursday, just as the same group visits Athens for the first time since tumultuous elections.

Dublin has so far easily passed every quarterly review of its program while Greece has stumbled through, frequently missing targets that resulted in delayed aid payments.

But Ireland’s success has as much to do with an austerity program that predates its bailout by over two years and other advantages taken for granted such as an efficient tax system.

While not quick enough to ultimately avoid the humiliation of having to ask for help, Ireland began to reverse a decade of reckless policy decisions in mid 2008 and had already dished out three austerity budgets by the time the troika came to town.

Infatti, the memorandum of understanding Ireland signed in November 2010 was in large part an extension of the four-year austerity plan the then government published just days earlier.

Per la Grecia, in contrasto, austerity came as a nasty surprise. Nel mese di ottobre 2009, just eight months before its first international rescue, the opposition Socialists swept to power on promises of boosting social spending and public sector wages.

Greece’s memorandumwhich like Ireland’s calls for fiscal and structural reformswas also more challenging in a country that nationalized, rather than liberalized, large swathes of its economy upon joining the European Community in 1981.

Bankrolled by EU subsidies, it never shed its consumption and import-led economic model while Ireland used a decade-long recession in the 1980s to implement much needed structural reforms and to open up a number of sectors in economy.

A property boom fuelled Ireland’sCeltic Tigereconomy but when prices crashed in the last five years, the foundations of the 1980s and early 90s meant it could fall back on a strong export sector when the financial crisis and resulting austerity crippled domestic demand.


Alongside a low corporate tax rate that has attracted big employers such as Google and IBM , this explains why Ireland’s economy is forecast to grow modestly for a second year in a row while Greece’s may fall by 7 per cento.

When companies invest money here, they’re pretty sure they are going to get product out the other end,” said Paul Duff, Vice President at Pfizer which employs around 4,000 people in Ireland.

Everybody’s got to do their own bit. Per noi (Irlanda), it’s making sure that we have a proposition that works. Then you put yourself in the best possible place to either shield yourself from the downside or try and benefit from any of the upside.

That differs from the experience of Dimitrios Lakasas, an exporter who ships electronic security systems to 72 countries and has long lamented Greece’s political turmoil.

Greece has acquired a bad name abroad and that is one more thing making life difficult for exporters,” said Lakasas, who is also chairman of the Northern Greek Exporters’ Associazione.

When potential business partners come to visit us, the first thing on their menu is to ask about the country’s political situation: I have to make macroeconomic presentations before I get to talk about business.


One of many multinationals that successfully backed May’s referendum on Europe’s new fiscal treaty, Pfizer was joined on the campaign trail by Ireland’s largest partiesboth those in government and leading the oppositionin a demonstration of the cross-party political backing austerity enjoys in Ireland.

Compare that to Greece where anti-bailout parties got half the vote in June 17 elezioni. The main Syriza opposition party, which rejects privatizations, wants Athens to renege on part of its debt and came within a whisker of power.

It counts much of its support among a vibrant, left-leaning protest culture, a heritage of the country’s 1967-1974 military junta that is a far cry from the stoic Irish, who keep quiet partly because of a promise not to cut public sector wages and an understanding that their pain is Ireland’s gain.

I’m proud of our record because I feel I’ve been a part of it,” said Anton Mazer, a 70-year-old pensioner from Dublin.

The noisier Greeks may also feel more aggrieved at having suffered an adjustment far deeper than any other country in reducing its budget deficit from 15.8 per cento del PIL nel 2009 a 9.3 cento in 2011.

More pessimistic as a result, con più di 80 percent believing their lot will deteriorate in the years ahead, it’s little surprise Greece has been unable to keep pace with an Irish program showered with praise throughout Europe.

(Additional reporting by Conor Humphries and Theresa Newman in Dublin; editing di Anna Willard)

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Grecia in crisi: una nuova destinazione di viaggio

While sunshine and sandy beaches are still Greece’s main assets in the global tourism market, the current crisis is proving a hit with a niche international clientele.

Political Tours, a UK-based company organizing holiday packages in countries facing political, finanziario, social and humanitarian upheaval, is organizing its first Greek tour.

The tour, which will take place in August, will focus on the future of the euro. Accompanied by economists, participants will speak with Greek politicians, businessmen and ordinary people about the ongoing debt crisis.

The Greek package, which includes stops on the island of Samos, Atene, Perama and Corinth, will take a look at the effects of austerity measures, the role of corruption, issues of immigration, the rise of unemployment and tax evasion, tra gli altri.

Since its establishment in 2009, the company has organized journeys to countries ranging from North Korea and Libya, to Bosnia, Serbia and Ethiopia. The nine-day Greek tour costs about 3,450 euro.

Speaking on Skai, Political Tours founder and former New York Times correspondent Nicholas Wood noted that the tour aimed at offering a complete journalistic experience to those participating.

The tour will end with a look at the country’s recent Potato Movement and the legacy – and costof the Athens 2004 Olimpiadi.

According to Wood, four so-called political tourists have already booked their Greek crisis vacation.