Debt.
They didn't HAVE to borrow the money.
There was a time when Ireland, and not very long ago, was seen as an island of truly free enterprise in an ocean of socialism.
Today, only Germany and Britain in all of Europe even have a clue.
When one of France, Italy or Spain falls...know that hard-core fascism will again engulf Europe.
Fiat money combined with fiscal il discipline always results in disaster.
“There was a time when Ireland, and not very long ago, was seen as an island of truly free enterprise in an ocean of socialism.”
When did it change? I thought that Ireland had low tax rates, reasonable regulations, and lots of individual initiative. Did it catch the Euro flu?
This type of mess is coming here unless we reform. I have little hope that any reasonable reform will occur. The rats can block any reforms. They still have the power to buy elections. They have passed so much terrible legislation that it is not enough to merely stop additional damage. We must unroll the damage already done.
You’re absolutely right, but the EU is damned as is the US to their debts. There is no difference in a failing state like California in the US compared to Greece in the EU. The next one will be either Portugal or Ireland. Who will be next on the west side of the pond ?