Cliff Taylor: A big recession is coming but it’s not a rerun of 2008

Wages, house prices and numbers at work will recalibrate, but Irish economy can recover

An empty Westmoreland St in Dublin city centre during the week. Photograph: Conor Pope

An empty Westmoreland St in Dublin city centre during the week. Photograph: Conor Pope

I have an Italian friend who, when she calls her elderly grandmother, often hears news of the “lo spread.”

This is not something placed on toast. The “spread” is the gap between the price Italy can raise borrowings at and that charged to Germany, the cost of borrowing.

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