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All I know is that this has been dealt with using political means (resisting a debt commission that could do anything, unifying behind certain things that wouldn't hurt them, and trying to push for tax cut extensions that aren't paid for until 2012.)
Europe has other problems, a big one is competing in a world with cheap labor and cheap goods. But Ireland which was lauded as having low corporate taxes in 2008 is now in fiscal trouble as well. And having low tax rates may have meant that businesses moved from other places and took away tax revenue from their former country.
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