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Ireland - Hero to zero!
worldtraveller
Posts: 14,013 Forumite
Ireland's economic success is no secret. The "Celtic Tiger" economy has achieved almost mythical status.
Ireland's fortunes have been transformed, and the rest of the world has sat up and watched with interest.
Unsurprisingly, many countries have flown delegations to Dublin to find out how it has been done.
From all around the world they come - politicians, students, academics, business and union leaders. In recent weeks, a Brazilian delegation has come to see the Irish economy for itself, and Executive MBA students from an Ivy League college in the US have come to compare Ireland with other EU states.
David Croughan is chief economist at the Irish Business and Employers Confederation, and he estimates that his organisation deals with dozens of such visits every year.
He said: "Essentially it's to do with how all this has come about - how Ireland has had such rapid growth in the past decade or so."
BBC News (2007)
Irish taxpayers face pouring billions more euros into their troubled banking sector on what is being dubbed "bailout Tuesday".
The government is expected to take bigger stakes in Allied Irish Banks and Bank of Ireland as the property lending spree that took place before the 2007 credit crunch continues to knock holes in their battered balance sheets.
The Irish government took control of Anglo Irish Bank and holds stakes of 16% in Bank of Ireland, which runs the Post Office bank in the UK, and 25% of Allied Irish.
Local speculation is focused on the government stake rising to more than 70% in Allied Irish and more than 40% in Bank of Ireland while building societies EBS and Irish Nationwide may also need taxpayer involvement as the authorities continue to tackle the losses caused by bad lending.
Guardian.co.uk (2010)
Ireland's fortunes have been transformed, and the rest of the world has sat up and watched with interest.
Unsurprisingly, many countries have flown delegations to Dublin to find out how it has been done.
From all around the world they come - politicians, students, academics, business and union leaders. In recent weeks, a Brazilian delegation has come to see the Irish economy for itself, and Executive MBA students from an Ivy League college in the US have come to compare Ireland with other EU states.
David Croughan is chief economist at the Irish Business and Employers Confederation, and he estimates that his organisation deals with dozens of such visits every year.
He said: "Essentially it's to do with how all this has come about - how Ireland has had such rapid growth in the past decade or so."
BBC News (2007)
Irish taxpayers face pouring billions more euros into their troubled banking sector on what is being dubbed "bailout Tuesday".
The government is expected to take bigger stakes in Allied Irish Banks and Bank of Ireland as the property lending spree that took place before the 2007 credit crunch continues to knock holes in their battered balance sheets.
The Irish government took control of Anglo Irish Bank and holds stakes of 16% in Bank of Ireland, which runs the Post Office bank in the UK, and 25% of Allied Irish.
Local speculation is focused on the government stake rising to more than 70% in Allied Irish and more than 40% in Bank of Ireland while building societies EBS and Irish Nationwide may also need taxpayer involvement as the authorities continue to tackle the losses caused by bad lending.
Guardian.co.uk (2010)
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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It could happen here.
WITH BANKS IT ALREADY HAS.
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
I went to Ireland last year. It was very expensive and won't be returning.
Didn't they all agree that their houses were worth double within about a year and so took the money out in mortgage equity withdrawal to buy houses in Spain and the Canary Islands.
The banks all fell for the game and had to be bailed out by the Irish government.
I had a Chinese meal on the Sat night, 2 people, couple of courses and a bottle of wine. £80 i'll never see again.
I'm off to Disneyland this year for some value meals.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
Didn't they all agree that their houses were worth double within about a year and so took the money out in mortgage equity withdrawal to buy houses in Spain and the Canary Islands.
The banks all fell for the game and had to be bailed out by the Irish government.
:rotfl:I love the internet. People can write any old s***e.
Do amuse me - what's your summation of the UK banking crisis?Stercus accidit0 -
We can argue the toss for months to come whether or not the UK was/is in a better position than Ireland(IMO we are similar, after the election we will see the true picture of the state of the UK, after all we can't keep printing money) but no one can deny the "Celtic Tiger " is dead n buried.Its interesting to see the SNP have gone a bit quiet on the subject.I remember them singing Irelands praises and saying how and independant Scotland could become part of the Celtic Tiger.
Ireland received billions in grants from the EU ,now we have Eastern European countires getting all the grants Ireland will be forgotton,quietly ignored by the EU until the Irish people sort out the mess through future years of hardship and high taxes.
Its the same old story, the masses made to suffer by poor leadership and the political elite more interested in making themselves richer.0 -
I wonder if it would better for Ireland just to default and start again - their situation sounds like Iceland.
http://www.independent.ie/business/irish/worst-nightmare-appalling-scale-of-bank-crisis-unveiled-2118115.htmlThe scale of the country's crippling debt mountain can be laid bare today -- and it leaves taxpayers footing the bill for a multi-billion-euro bailout of the banks, developers and Ireland's second largest insurance company.
Finance Minister Brian Lenihan outlined the extent of the challenges ahead as the State took control of almost the entire banking sector.
Every man, woman and child in the State will have to pay an average of €2,000 every year just to service interest payments on borrowings to pay for the bank bailout, estimated to cost €40bn.
€2k from every Irish citizen purely on interest payments doesn't sound sustainable or desirable.0 -
IIRC an independent Scotland was going to become part of the "Arc of Prosperity" i.e. Iceland, Scotland, Ireland - until they needed the UK taxpayer to bail out both of the Scottish banks :rotfl:leveller2911 wrote: »Its interesting to see the SNP have gone a bit quiet on the subject.I remember them singing Irelands praises and saying how and independant Scotland could become part of the Celtic Tiger.
A couple of years ago I paid £200 for one round of golf in Ireland - in driving rain. Never again.I had a Chinese meal on the Sat night, 2 people, couple of courses and a bottle of wine. £80 i'll never see again
My taxi driver said that everyone knew the politicians were as corrupt as hell, but were happy to put up with it while the jobs came in and everyone benefited from the prosperity.0 -
Its happened here as well. We were mostly befuddled by cheap debt & property !!!!!!. A classic bubble (albeit a huge bubble).0
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I do ( did ) business in Ireland. Hardly any now. Even the Irish think they are in the deep mire. Pint of Guinness in Dublin around the £6 mark.0
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I do ( did ) business in Ireland. Hardly any now. Even the Irish think they are in the deep mire. Pint of Guinness in Dublin around the £6 mark.
Me too Pobby. I remember well the 'Celtic Tiger' heady days of the late 1990's and into the early 2000's. This was especially the case in and around Dublin, where it was perfectly normal for anyone I asked in the street for driving directions, to find one of my customers, for them to point to a tower crane and say that, "they are just to the right of the XXX tower crane that you can see over there"! In all my years travelling, I don't believe that I have ever seen so many tower cranes in one area, at any one period of time, as then.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
worldtraveller wrote: »Me too Pobby. I remember well the 'Celtic Tiger' heady days of the late 1990's and into the early 2000's. This was especially the case in and around Dublin, where it was perfectly normal for anyone I asked in the street for driving directions, to find one of my customers, for them to point to a tower crane and say that, "they are just to the right of the XXX tower crane that you can see over there"! In all my years travelling, I don't believe that I have ever seen so many tower cranes in one area, at any one period of time, as then.
Di dyou notice the rates of pay out there? Was nothing special.0
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