26 July 2001 Edition
`Well dodgy' Bertie
BY ROBBIE MacGABHANN
``It's a good time to be Irish.'' This was just part of the analysis made by Bertie Ahern speaking in Brazil last week. Never mind the turmoil in Genoa and an international economy clearly stumbling with dire implications for all of the Irish economy, Ahern was spreading the message of what a great economy the 26 Counties is.
Ahern was not the only person offering an economic analysis last week. Alan Greenspan chairperson of the US Federal Reserve, testifying to Congress pronounced that ``the uncertainties surrounding the current economic situation are considerable''. Greenspan also said that ``the period of sub par economic performance, however is not yet over''.
Echoing Greenspan's analysis was the news that Intel is shedding workers across its operations, with 170 jobs going in Leixlip as well as the workforce being asked to take two weeks unpaid leave. Earlier this year, Intel halted construction of its £2 billion extension to the Leixlip plant.
Job cuts were also announced at ABB, one of the world's largest electrical engineering companies. ABB is cutting 12,000 jobs, 7% of the workforce. ABB has 650 workers here. Telecommunications giant Lucent Technologies was also the bearer of bad news. It was coping with restructuring charges of up to $9 billion, with up to 20,000 workers being made redundant throughout the company. There are 900 Lucent jobs in the 26 Counties.
Given this depressing international environment, what do the leaders of the eight largest industrial economies think, given they were meeting in lavish splendour all weekend. The G8 failed to move on debt relief and committed themselves to piecemeal funding to fight Aids, Malaria and TB. There was agreement on the need to cut greenhouse gases but not on implementing the Kyoto protocols. They also agreed that their next summit would have smaller delegations and meet in the Canadian Rockies. Interestingly, it was this last resolution that merited most media coverage.
The final analysis must go to Bertie Ahern, who clearly understands the nuances of the global economy and the implications it has for the Irish economy. In his Brazil speech Ahern said, ``we are aware of the need to remain vigilant to the possible threats to our economy''. He didn't say what the government actually planned to do.
When asked by journalists about the Intel jobs cuts, Ahern said ``I'd be worried'' and that the technology sector was ``entering a dodgy period''. Well dodgy, Bertie, but what are you going to do about it?
Ahern shouldn't worry though, even if he clearly doesn't have the answers. Neither do the leaders of the G8 economies. Anyone for some bargain basement computer chips?
``It's a good time to be Irish.'' This was just part of the analysis made by Bertie Ahern speaking in Brazil last week. Never mind the turmoil in Genoa and an international economy clearly stumbling with dire implications for all of the Irish economy, Ahern was spreading the message of what a great economy the 26 Counties is.
Ahern was not the only person offering an economic analysis last week. Alan Greenspan chairperson of the US Federal Reserve, testifying to Congress pronounced that ``the uncertainties surrounding the current economic situation are considerable''. Greenspan also said that ``the period of sub par economic performance, however is not yet over''.
Echoing Greenspan's analysis was the news that Intel is shedding workers across its operations, with 170 jobs going in Leixlip as well as the workforce being asked to take two weeks unpaid leave. Earlier this year, Intel halted construction of its £2 billion extension to the Leixlip plant.
Job cuts were also announced at ABB, one of the world's largest electrical engineering companies. ABB is cutting 12,000 jobs, 7% of the workforce. ABB has 650 workers here. Telecommunications giant Lucent Technologies was also the bearer of bad news. It was coping with restructuring charges of up to $9 billion, with up to 20,000 workers being made redundant throughout the company. There are 900 Lucent jobs in the 26 Counties.
Given this depressing international environment, what do the leaders of the eight largest industrial economies think, given they were meeting in lavish splendour all weekend. The G8 failed to move on debt relief and committed themselves to piecemeal funding to fight Aids, Malaria and TB. There was agreement on the need to cut greenhouse gases but not on implementing the Kyoto protocols. They also agreed that their next summit would have smaller delegations and meet in the Canadian Rockies. Interestingly, it was this last resolution that merited most media coverage.
The final analysis must go to Bertie Ahern, who clearly understands the nuances of the global economy and the implications it has for the Irish economy. In his Brazil speech Ahern said, ``we are aware of the need to remain vigilant to the possible threats to our economy''. He didn't say what the government actually planned to do.
When asked by journalists about the Intel jobs cuts, Ahern said ``I'd be worried'' and that the technology sector was ``entering a dodgy period''. Well dodgy, Bertie, but what are you going to do about it?
Ahern shouldn't worry though, even if he clearly doesn't have the answers. Neither do the leaders of the G8 economies. Anyone for some bargain basement computer chips?