I do like that. I mean he’s not saying it’s the wrong approach, he’s saying it’s not enough. So what else does he want? Human sacrifice?

Irish bonds yields passed the 7 per cent mark this morning in early trading.

Bond prices have spiked following the collapse of Portugal’s budget discussions and Greece’s tax revenue shortfalls reignited concerns that peripheral European countries may struggle to cut their deficits.

Yesterday news agency Bloomberg reported that bond investors were losing faith in Ireland’s plan to lower the deficit as spending cuts threaten to undermine economic growth, reducing Government revenue.
The report quoted Ralf Ahrens, head of fixed income at Frankfurt Trust, as saying there was a danger for countries such as Ireland with huge deficits that cutting spending would not be enough and the situation would deteriorate.

Even down to the Irish stockbrokers they choose to report:

“The danger is you smother the patient just as he is trying to get on his feet,” said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. “I am not convinced the market just wants to see a slash-and-burn approach. It wants some sort of sign that the economy can grow.”

and

“There is a danger for countries like Ireland that have huge deficits that cutting spending will not be enough and the situation will deteriorate,” said Ralf Ahrens, who helps manage about $20 billion as head of fixed income at Frankfurt Trust and holds Irish government bonds. “There is this central question of where does growth come from.”