For more than a decade, the Irish economy was in a good track.
Also known as the Celtic Tiger years that lasted for 12 long years, started at the year 1995 until the early 2008.
Soon after, the Irish government declared a recession.
And by imposing some loose policies, the Irish economy went sky high but with a double edge effect.
The Irish economy experienced a rocketing improvement but led to its downfall.
Even with different types of businesses, from small scale to large corporations investing in the country, the effect of having loose policies still brought down the economy back to its previous state.
Investors fled the country in fear of a huge company loss; this act was considered as the last resort of a company to avoid the economic inflation and at the same time saving the company investments.
As a result of fleeing investors, many of the businesses in the country shut down, leaving most of the population unemployed.
With jobs in a state of scarcity, people tend to flee from a crumbling economy in search for better opportunities.
It also caused series of strikes and industrial instability.
Workers fill the Irish streets asking the government for a prompt solution to this crisis.
In response to the situation, the Irish government tried to impose higher tax rates but this solution brought only more sorrow to its people.
Unrelieved by their action, the Irish government tried another approach.
They pulled out the 2009 government budget from December to October 14, 2008.
They also tried to cut the budget for the military, medical discounts on public hospitals and less scholarship programs for the universities.
But these measures were also bombarded by protest and public outcries.
Not having any options left, the Irish government finally requested a financial support from the International Monetary Fund and European Union.
A total of ?85 billion rescue fund was granted to the Irish government by the IMF and EU.
Also known as the Celtic Tiger years that lasted for 12 long years, started at the year 1995 until the early 2008.
Soon after, the Irish government declared a recession.
And by imposing some loose policies, the Irish economy went sky high but with a double edge effect.
The Irish economy experienced a rocketing improvement but led to its downfall.
Even with different types of businesses, from small scale to large corporations investing in the country, the effect of having loose policies still brought down the economy back to its previous state.
Investors fled the country in fear of a huge company loss; this act was considered as the last resort of a company to avoid the economic inflation and at the same time saving the company investments.
As a result of fleeing investors, many of the businesses in the country shut down, leaving most of the population unemployed.
With jobs in a state of scarcity, people tend to flee from a crumbling economy in search for better opportunities.
It also caused series of strikes and industrial instability.
Workers fill the Irish streets asking the government for a prompt solution to this crisis.
In response to the situation, the Irish government tried to impose higher tax rates but this solution brought only more sorrow to its people.
Unrelieved by their action, the Irish government tried another approach.
They pulled out the 2009 government budget from December to October 14, 2008.
They also tried to cut the budget for the military, medical discounts on public hospitals and less scholarship programs for the universities.
But these measures were also bombarded by protest and public outcries.
Not having any options left, the Irish government finally requested a financial support from the International Monetary Fund and European Union.
A total of ?85 billion rescue fund was granted to the Irish government by the IMF and EU.
Source...