As far as I was aware, Ireland suffered from easy lending and being a gateway to the EU for US companies. This meant that it got a lot of infrastructure funding, which then ballooned the property prices, and this funded extravagant lifestyles.
The difference with Ireland, is that people knew it was happening, and just rode the boat, knowing it would come to an end eventually.
Other countries, such as the UK thought it was mostly down to what their governments were doing, and didn't see it was just an easy credit boom until it was much later!
Ireland is bust in the traditional sense, however, unlike previous recessions, this time, all the financial institutions know that if they don't start scrambling for debt recovery, then we won't get serious poverty. They all know that if we were to add up all our holdings, we would not get anywhere near our debts, so why not play the long game?
This time, Europe is going through stagflation for a decade - don't expect any real growth until 2020 and even then its only going to happen if we find a new industry to invest in - maybe like bitcoin etc.
Until then, expect the EU to flex its muscles every few months - while ignoring that its own accounts haven't passed auditing in almost 20 years - pot kettle black etc!
The difference with Ireland, is that people knew it was happening, and just rode the boat, knowing it would come to an end eventually.
Other countries, such as the UK thought it was mostly down to what their governments were doing, and didn't see it was just an easy credit boom until it was much later!
Ireland is bust in the traditional sense, however, unlike previous recessions, this time, all the financial institutions know that if they don't start scrambling for debt recovery, then we won't get serious poverty. They all know that if we were to add up all our holdings, we would not get anywhere near our debts, so why not play the long game?
This time, Europe is going through stagflation for a decade - don't expect any real growth until 2020 and even then its only going to happen if we find a new industry to invest in - maybe like bitcoin etc.
Until then, expect the EU to flex its muscles every few months - while ignoring that its own accounts haven't passed auditing in almost 20 years - pot kettle black etc!
wait wait
this is a mixed up argument
we have controls in place to prevent this happening ... that's the banking sector ... this is their CORE BUSINESS and PRIME FUNCTION ... it's not a side line ... they give loans based on ability to repay and are extremely well rewarded for this ... banks have a monopoly on this function
the loan takers are NOT to blame, because they are not the experts here, nor are they expected to be, they go to a bank and the bank will make their decision ... it's like selling someone a car with faulty brakes and when it crashes blaming the driver ...
LOL!
I guess you weren't in school the day they were teaching the concept of Caveat emptor - Buyer Beware?
As the buyer you are the decision maker, not the sales person. If I decide to sell you magic beans, and they suddenly turn out not to be magic, who's fault is that? The answer is you for being an idiot!
