An appalling situation

IT will not be too long before this country is given Third World status on the amount of leverage capital needed to keep it going.

We are borrowed up to the hilt with a worsening international debt situation that will get more insidious as time goes on.

Thousands of businesses are due to fail next year, not alone because they cannot borrow, but because the markets are not there. We are now living in an inflationary economy that is beginning to stagnate. There is some downward movement on house prices, but it has come way too late. Other prices such as consumables are soaring in cost, making us the most expensive country in Europe to live in. We are in an appalling situation for a country of just five million people, all because of corruption, special interests and short-sighted greed.

Maurice Fitzgerald

Shanbally

Co Cork