Any air left in the Irish property bubble was unceremoniously ejected this week, as Brian Lenihan, Irish finance minister, revealed the “black hole” at the heart of Irish banking.
Careworn Irish taxpayers are asking how a small, flexible, and pro-business economy failed to anticipate the impending disaster.
Ireland – like Iceland and Latvia – is a small, open economy, with a large financial sector, heavily exposed to foreign borrowing, and a limited fiscal capacity to cope with unforeseen shocks.
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