How the Celtic Tiger "Breathed his Last"

In my previous articles on social, cultural, and economic life in Ireland, I did not touch upon the gravest problem that this state is currently facing. The global economic crisis –recession - in English, which began all over the world several years ago, could not get around Ireland. I say - I could not, because Ireland, in almost all centuries of its historical existence, was more or less dependent on Great Britain, first of all, because of the geographical proximity of these two countries, and secondly from America, because of historical roots, and these two very important factors do not allow to forget about two periods of mass Irish emigration, after which the population of the people has not recovered to this day.

Probably many of you are familiar with the very recently very popular expression about the Celtic tiger jumping. There is such a theory with a beautiful allegorical name, which explained the sharp rise in the economy in this country for 15 years. If you know Ireland as a country with a rural - patriarchal structure, then believe me - these changes really happened very quickly. I also used this term in my analytical reviews; I can't help but remind him now, because this theory explains if not everything, then very much, and most importantly - from where and in what ways did financial flows start to flow into the Irish economy?

From my article for ''Nasha Gazeta''-

Analyzing the processes that have taken place in the Irish economy since the beginning of the not so distant 90s, economists speak of the “Irish miracle”, calling it a Celtic tiger. From the traditionally agrarian country, Ireland has become a European country with high production technology and international corporations invest their capital in many sectors of its economy. All the factors that have played an important role in such a rapid economic development of the country are already known and we can call them in turn: the high level of young people employed in production, the increase in the number of working women that it was difficult to imagine some time ago in patriarchal-Catholic Ireland, the predominance of the number of immigrants over the number leaving the country out of economic motives, as it was for many, many years, the Irish left their own country and left for England, America, Canada and Australia in search of necks share ... supported by the European Union, government programs for investments in education, obtaining prestigious professions and as a consequence, well oplachivyemyh jobs, opened a "green light" to the younger generation. New economic policy of the state led to a change in the status of Ireland in the world community, unemployment in the country since the 90s has decreased sharply. Celtic Tiger jumped! And considerable merit of those thousands of immigrants who began to arrive in the country in the late 90s, legally and illegally.

What has changed in Ireland during these three years of the global global crisis and how have these changes affected the lives of Irish and immigrants today after three years, when the country plunged with all other countries into the pit of the economic crisis?


Almost everything has changed all over Ireland. Large companies withdrew their production from countries to countries with cheaper labor and thousands of Irish people lost their jobs in this regard.

It is also necessary to clarify that the whole country lived and lived in debt - buying housing and taking a loan from a bank for a period of 25 or 30 years, on average, each Irish family has to pay about 1000 euros per month to their bank for a loan.

In those years, in those 15 years of economic growth in the country, prices for housing under construction were deliberately inflated several times by construction companies - monopolists, who also took billions in loans from banks to quickly make money on the construction boom. That's when the laboring hands of immigrants who rushed to Ireland to work from Latvia, Lithuania, Poland and other impoverished states that became members of the European Union came in handy.

 The closure of enterprises and the loss of well-paid jobs for the Irish in the mass led to the fact that people were not able to repay such a high loan for housing. Literally, the real estate market began to collapse. Small houses and one-bedroom apartments, the initial prices for which in the capital were not lower than 250,000 euros, are now offered for a price of 125,000 euros.

Monopolistic construction companies suffered millions in losses and, in turn, are now unable to recover their billions in loans, because the sales curve for expensive housing has drastically dropped, and there are empty new ones, and somewhere else unfinished residential neighborhoods throughout Dublin. People who have lost their jobs are no longer able to pay a monthly installment on bank loans, and today in almost every district of Dublin, in every quarter, you can always see several houses with a sign  ''For sale''.

But this is not all and not the worst.
About who played this banking crisis like a note, taking the economy of an entire state hostage, even if it is not very big, read in the continuation of my article, in which I will name the reason why this could happen in Ireland ...






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