Well done, Ireland, but now the heavy lifting must begin

THE troika made its first three-monthly report saying “well done, Ireland” and releasing the next tranche of the bailout loan, but made it quite clear now that the decisions had been made, the heavy lifting would have to begin.

The arrangements have been put in place to resolve one of the world’s worst banking crises, but the country must settle down to paying for it — by cutting wages and costs, increasing taxes, and spending less on state services.

It’s a delicate balancing act and almost anything — inflation, interest rate increases, slow growth — can knock it off course.