Irish Economy: State bank guarantee tolls the death knell of the Celtic Tiger; Fairytale ends debunking the myths and exposing the reality of foundations built on quicksand
Oct 4th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: Celtic Tiger RIP - The dramatic events in Dublin, early on Tuesday, September 30th, when the Irish Government agreed to issue a Sate guarantee underwriting the Irish banking system, tolled the death knell of the Celtic Tiger and definitively brought down the curtain on the remarkable 15-year period of economic growth in Ireland. While some advances will endure as the fairytale ends, the debunking of the myths that have become ingrained during the period and the exposure of the reality of foundations built on quicksand, leaves the economy without a credible road map and an overwhelming dependence on American economic fortunes.