Understanding the roots of the crisis in Ireland - Bubble, Bailout and Backlash

andrew
Tue, 21 Dec 2010 15:44:27 +0000
Capitalist crisis, IMF, Economy, National, Other press, Analysis

On Tuesday the 7th of December, the Irish government were barricaded inside the parliament in Dublin. They were there to vote on a Budget implementing the cutbacks and austerity measures demanded of them by the IMF and ECB. The budget comes in a year of ever deepening crisis, as the debt of what was once Europe's fastest growing economy, spiralled out of control. The obvious question one is faced with is “What went wrong? What happened to this economic miracle?