Thursday, February 26, 2009

Ireland's Recession deepens, seeks Bailout from their Government

Nearly 100,000 people marched through Dublin on Saturday

Ten years ago I bought a ticket from Boston to Dublin, Ireland, so that I could join the new Intel plant that was coming online in Leixlip, near Dublin. This is a classic case of déjà vu. Now I need to buy the ticket to get back to the States.

Ireland is in a state of collapse. They are facing tough government cutbacks, a deepening recession and bailouts for the banks. The Prime Minister has a ballooning budget deficit and is planning to introduce a pension levy on public sector workers and freeze their pay.

Ireland before the EU

I remember the days before Ireland joined the EU. It was then touted as one of the poorer countries in Europe. Ireland joined the European Communities, now called the European Union, in 1973 and its economy spiraled in order to keep up with its partners.

Before the current economic crash, Ireland had the fifth highest gross domestic product per capita and the seventh gross domestic product per capita considering purchasing power, and the fifth highest Human Development Index rank in the world.

The country also boasted the highest quality of life in the world, ranking first in the Economist Intelligence Unit's Quality-of-life index. Ireland was ranked sixth on the Global Peace Index. Ireland also has high rankings for its education system, political freedom and civil rights.

Hi-tech moved in

On the heels of the tremendous development and the economic upswing that took place, the hi-tech industries of the world all fell in love with Ireland and huge manufacturing plants mushroomed. Everyone is there: Intel, Dell, IBM, HP, Oracle, Lotus, Microsoft and most other hi-tech names you can think of. ... click here to read the rest of the article titled "Ireland's Recession deepens, seeks Bailout from their Government"

No comments:

Post a Comment