Does Ireland need U.S. help to overcome their current economic crisis? The New York Times lead editorial on Monday January 18 seems to think so.
Ireland was identified along with Greece as "teetering on the brink" of economic collapse by The Times editorial board. "unless the world's richest nations come to the rescue of weakened states, the global financial crisis might sprout another leg and stop the nascent recovery in its tracks."
The editorial points to what happened in Dubai, where the once rich Arab state was bailed out by neighbor Abu Dhabi to the tune of $10 billion dollars.
"Greece and Ireland are suffering from a hard landing from a decade of debt-fueled profligacy." The Times wrote.."Ireland's economy is expected to contract 7.5 per cent in 2009."
The Times suggests that "To begin with the more powerful countries of the European Union --like Germany-- must come to the rescue of their weaker neighbors, But other countries, including the United States and China must stand by to provide help."
That is pretty tough stuff for Ireland, to be included in the list of countries that will need international help.
The Irish government would doubtless deny that things have gotten so bad that a U.S-type Marshal plan is needed but it sure sends the wrong signal as the Irish try to recover from the devastating events of the past 18 months.