The markets seem unsatisfied with the euro-bailout, and the Irish economy remain teetering on the brink of meltdown. It is clear that we are now seeing the death of the 'Celtic Tiger', now a distant dream of two years past Back in the heydays of the Irish economic boom; speculators were warmly projecting years of lasting growth. The so-called 'masters of the universe' in Washington invested eager amounts into the Irish banks [mostly owned by foreign countries] - and companies like Google.com were relocating their corporate HQs to Dublin.
It was normal back then for your average transnational businessman to spend his morning in London, pack off to Dublin for a day of meetings in high-powered corporate meetings; and dash back off to the UK again for a late dinner. I bet none of these businessmen, spivs, speculators and other kinds of financial market-traders ever actually saw real Dublin - but hey-ho, they weren't going there for the tourist attractions were they?
Learning lessons
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It suddenly became all clear, what was going wrong. With the downfall of the US giant Lehman Bros - there was a near Gotterdammerung shock wave splashing across the world like a tsunami. Ireland was caught completely out.
It was the bloated financial services, a hyper inflated property bubble that the Irish tax system was geared to depend on ... in was the light-touch regulation that no major politician seemed to criticise. But let us not excuse our own part, it was individual consumer debt and government debt that we were all encouraging. None of us, Irish, Brit, American, French or damn Korean can be excused. For the debt levels in rich countries should hold us all in shame; spending money we didn't have, on products we never needed, for people who probably chucked them out.
This is the context of what went wrong in Ireland, and unfortunately the Irish Republic has become what we will in the future see and regard as a model of future busts.
Ireland, for so long refusing a bailout, realised only too late that its economic key was built on the twin pillars of rampant, ridiculous speculation and lax, incompetent regulation. Now that they have been bailed out - there is little sign of a euro-bounce on the stock markets. And Ireland? Their deficit is now an unbelievable 32% of GDP - with the future bailout size potentially topping 200bn euros.
One thing is clear - the Irish banks shall all be more humble than before. For Ireland, the days of growth, high-flying financial sectors and a contempt for their traditional industry [agriculture] is over...a distant dream, the Celtic Tiger is dead. Thank God Scotland hadn't become independent and copied their example as Salmond wanted














