Green shoots or scorched earth?

Positive news is finally emanating from the economic meltdown, but is it just wishful thinking?

16th May, 2009

A few weeks ago, it was all gloom, internationally and in Ireland. Talk was of recession turning into depression and of a long and painful period of adjustment. Now there is talk, mainly in the US and Britain, of “ green shoots’’ - the first signs that the recovery may be on the way in the months ahead.

Stock markets have rallied strongly, though they gave up some gains late last week. The...

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