The Herald Editorial asks how bad the economic situation is. It concludes on a more optimistic note than we would. We think that things are very bad indeed and going to get worse - which is why we think Bollard will have to ease. The Herald's view seems different
The first half of the year has been hard, and the second half may be no easier. But by the time the figures arrive, the worst will probably be past. It is a statistical mercy.
