Death of the Celtic Tiger Economy

Discussion in 'Finance, Property, Law' started by WalterWarry, Jan 8, 2009.

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  1. Ord_Sgt

    Ord_Sgt RIP

    The celtic tiger economy was built on free money from the EU, it's all going east now.
     
  2. Hmm, to say things are quiet here at the minute is an understatement, The Dell decision has been on the books for some time now but still has caused a massive blow to its work force but it seems that there are very "competitive" redundancy packages in the offing.

    Celtic Tiger..well and truly dead now more like a fcuked pussy now.
     
  3. Yes that as well, I forgot.
     
  4. The Irish Economy is in deep diffs indeed. The value of shares of it's biggest bank are only 1% of what they were last year !!

    The Irish were very keen for EU grants and aid. I think at one point for every €1 they put into the EU in they were getting about €4 back.

    The UK was putting a £1 in and getting abou 88p back !!!

    The Irish Government made it very attractive for Foreign & US companies to build on greenfield sites and sometimes paying 40% of the cost of building a factory & 40% of training the workforce.

    What Ireland did not predict an influx of over 150,000 Polish etc of who very little pay tax. A lot of money is sent home. The property boom in Ireland was amazing. As folk got better wages they wanted 2nd or 3rd homes either buy to let or for investment purposes.

    2 Dublin solicitors between them owe the Banks about €110 Mill of Property loans.

    As unemployemnt rises a lot of folk will leave Ireland go back to their Native EU States.

    A lot of Iirsh will come to the UK looking for work.

    Another big factor is that as the EU has expanded east so have a lot of the grants & aid. There are some of the best roads in Europe in Ireland all EU funded.

    Ireland is not as big or strong in Europe as it was. It only has a population of 4 Mill.

    Quite a few nice hotels that enjoyed the boom have closed their doors. With the global credit crunch an awful lot less Yanks & Canadians are visiting Dublin & doing tours of Ireland. AT one stage to get a decent hotel in Dublin you often had to book a month in advance. Now all hotels have vacancies and not one is operating at 100% occupancy.

    With the pound virtually equal a €uro now it's very expensive for Brits to visit Ireland (or other EU countries)

    At one stage Temple Bar sounded more like Manchester or Swansea with the amount of Hen & Stag parties but those days are dwindling.

    It is not looking good for Ireland at all.
     
  5. What you all need to remember is that the "real Irish economy" has been plugging away under the cover of Celtic tiger propaganda. so when the smoke clears and the mirrors are covered up there will be a more robust reversionary mode available! Unlike the UK...so don't get on your gloat bus just yet.
     
  6. No ones gloating, the UK is equally fcuked - is there any truth though that U2 represents something like 7% of Irelands GDP ?
     
  7. Ord_Sgt

    Ord_Sgt RIP

    No gloating, I wouldn't wish hard times on any one, I'm just amazed anybody is surprised that the EU money would dry up with the eastward expansion.
     
  8. Back in the EEC days in the 90's, on average Eire was putting into the EEC pot the equivelant of £500k pa and getting £4 Billion pa back out. You'd have been a fecking idiot to not want to sign up to join the club.

    I think that Scotland's Mr Salmond has his eye's fixed firmly on the same pot of gold. I would really love to see him get what he's wished for.
     
  9. Irelands GDP is 258.6 Billion. U2 'earn' 110 million a year. That works out at 0.04% GDP.
     
  10. it is a well recorded fact that U2 represents 80% of Ireland's exports of annoying do-gooders...the other 20% is Bob Geldof
     
  11. Thanks - I thought it was rubbish.
     
  12. Not quite Cuddles - I think the revised figure U2 80%, Geldof 10% and that annoying bitch Orla Guerin the other 10%.

    Edited to add - some of the Irish Army I worked with said that at one stage in Dublin you get get six times your annual income for a mortgage. One guy said about a year ago that it was all going to go wrong and it has. :(
     
  13. Ord_Sgt

    Ord_Sgt RIP

    Ireland has come a long way in the last 15 to 20 years and is a great example of what the EU can achieve. In the current economic climate I don't see such dramatic changes for the newer members, certainly not in such a short time.
     
  14. A false economy built mainly with money that hasn't been generated from within it's own GDP, and as such, is now on the verge of Bankruptcy. Fantastic achievment, Pats on the back all round.

    Spain and Greece were also members of the EEC's 'Poor Four', and look what shitt state both those countries economies are in.

    So in another 10 years they'll probably be at least another 15 Countries that are on their knee's as a result of EU Handout's that have also built false economies.