Irish economic crisis could see workers looking abroad

Ireland is insisting its low rate of corporation tax is "non-negotiable" as it discusses an aid package worth tens of billions of euros for its shattered banks. Eurozone neighbours are pressing Ireland to raise the 12.5 percent corporation tax rate as part of negotiations for a rescue package but Dublin is resisting. It argues the tax rate is crucial for foreign investment.

As the recession continues to bite hard in Ireland Professor of Finance at Queens University Belfast, Michael Moore, told Lydia O’Kane that the country will start seeing an exodus of its workers.

“Ireland is very distinctive among European countries in that it has a very traditional solution for all these problems, it’s emigration; what will happen now will be mass emigration.”

He also adds that “in 2008 when the crisis hit, we could have actually dealt with the situation by guaranteeing the depositors only”.

Hear full interview with Lydia O’Kane, Listen