What went wrong with Ireland's economy?

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Wed, 23 Sep 2009 7:21p.m.

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The recession in New Zealand is technically over. We went into recession before much of the rest of the world, and it may be that we're turning the corner earlier too.
The recession in New Zealand is technically over. We went into recession before much of the rest of the world, and it may be that we're turning the corner earlier too.

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24 Sep 2009 07:21p.m.

Irish wrote:

John- I lived in Ireland at the time of the Celtic Tiger. We were one of the strongest countries economically, the country had grown and grown since the 1980's. There were no major slumps so when things had gone so well for over 20 years we had no reason to be concerned. Yes we had a large interest in property, but you must remember that property kept interior designers, builders, paint specialists, department stores, electrical stores, furniture stores etc etc in business. Therfore there was a huge amount of sub industries involved in the boom-people who worked in these industries bought cars, went on holidays, stayed in hotels, bought groceries weekly etc, this fuelled the greater economy. Therefore it is incorrect to state that we put all our eggs in one basket the economy as a whole was performing excellently and had done for over 2 decades.

Yes we borrowed too much, spent too much BUT there was no indication that the whole economy would go from boom to bust within a few short months. The ignorance of people ALL over the world in relation to what happened and is happening in Ireland at the moment is crazy. 11,000 people lost their jobs in Ireland during the month of June 2009 alone and the figure increases monthly. Businesses who have existed for generations have had to close their doors, our schools can't afford substitute teachers,our councils can't afford to surface our roads.

Do me a favour John and do a bit more research into the Irish economy before making flippant comments.
At leastour houses are insulated, our windows double glazed, our cars safe and not emmitting dangerous pollution to our environment, we have cellphone coverage everywhere and one of the most educated populations in the World- you would never herar of an Irish person leaving school at 15, most have degrees, masters and PHD's- get to know the facts before you comment in future-watching one tv programme does not make you an expert on the Irish Economic situation.

24 Sep 2009 12:53p.m.

john wrote:

Did people in Ireland really think the good times were not going to end. Big mistake!!
Its amazing how greed gets the better of people or in this case a whole country.
People here in NZ should look what has / is happened in Ireland and put all their eggs in one basket i.e property, big debts etcs