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The Irish Economy

In: Historical Events

Submitted By jardfo
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The Irish Economy
The Celtic Tiger years were very exciting and prosperous for those who resided in Ireland. There were lots of investments being made, people were very care free about where they put their money as long as there was some sort of short-term profit available. Employment was up from 1.1 million to 1.9 million jobs available, population increased by 15% from 1996 to 2005 and unemployment was at a mere 4.4%. One of the most astounding statistics was that Ireland’s GDP was the second highest per capita in the European Union, during the times of the Celtic Tiger (Dorgan 2006). All seemed as if Ireland was the first success story of the creation of the Eurozone until the crash. After the creation of the Eurozone, the goal was to help struggling economies to use the power of the Eurozone to create growth and during the Celtic Tiger years it seemed to be working. However, the Eurozone was not doing its job of overseeing the activities of the country of Ireland and let it slip through the cracks. After the crash, unemployment soared which was caused by the huge loss of jobs in the construction market and young workers began leaving Ireland again in hopes of finding jobs. As a result, private debt was high and people lost trust in Irish Banks. Any hope of growth in the Irish economy was lost due to high percentages of debt in all sectors including households, financial and non-financial institutions, and within the government. Along with a complete loss of trust in the actions of the Irish Banks and its investors is why the economy will remain relatively stagnant for the next few years.
As the Celtic Tiger was dying out and blame was beginning to be thrown around, the Irish Banks were at the center of attention. They were being faulted for lending at ridiculous rates with no sense of right and wrong. Anybody who needed a loan to buy a house could go to a bank…...

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