The Irish Crisis.

Come on. Really? No-one seen this coming even a little bit?

A few years before the recession began Ireland was doing extremely well. The Celtic Tiger was on the prowl. The property market was booming, business was flourishing and Guinness was more expensive than ever.

Then, in what some are labelling a shock everything comes tumbling down. Ireland needs bailed out.

Yes. You read that correctly. Ireland. The country! Not an Irish Institution…the country.

Ireland had (and rightly so in my opinion) been riding the wave that it had experienced before the recession. The problem is they thought they were better surfers than they were! They financed their rapid economic loans with money from all over – mainly RBS it seems Perhaps, even, with the best intentions of being able to pay them back in a timely fashion.

Now what?

It will be very interesting to see what unfolds from the IMF, EU and UK in the next few weeks. One thing is for sure though, Mr Osborne and the nation of Ireland is in for a fair tumultuous Christmas.

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2 thoughts on “The Irish Crisis.

  1. Nathan says:

    One thing that particular grates on me in this whole affair is the way that the whole “Bi-Lateral Loan” has been sold to the British public and particularly the way in which it has been relayed by the media. It seems pretty obvious that the loan is not going to stay at £7bn like we’ve been told by Mr. Osborne, more likely to exceed £10bn in my opinion, but thats a side issue. Bi-Lateral is nonense, if it was truly some sort of intimate deal between Ireland and UK then Mr. Osborne would have no real need to head to the EU. But off he goes.

    A further issue is one which I was skeptical of to begin with; the belief that sovereignty will be lost to the EU/IMF/etc. In the 21st century I think more than ever we are seeing the entities of economy and sovereignty becoming interlinked. There are too many free-trade agreements, coalitions such as the EU, etc for any state to substantially argue that they are remaining self-sufficient or autonomous.

  2. Mate, completely with you on all of this.

    State autonomy has been lost since the berlin wall came down. The world is too interlinked and connected now for anyone to be claiming true autonomy. This is clearly seen by the curretn recession affecting the GLOBE and not just one centralised locality.

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