How Ireland got into this mess

Reading a Vanity Fair article by Michael Lewis

The financial crisis continues to affect people around the world.  One such extreme case is Ireland.  Ireland experienced its own property bubble and its banks geared up their balance sheets to a massive extent.  When crisis hit, it hit Ireland particularly hard.

Michael Lewis, author of Liar's Poker and recent accounts of the financial crisis, has penned a highly readable account of what happened to Ireland in the latest Vanity Fair.  He interviews with some of the people involved and describes how a financial problem became a very big economic problem.  Reading it you think, why oh why did Ireland suddenly guarantee all its banks' debt?  The foreign-owned debt was saved but the European Central Bank had to step in and now the whole country is liable for the bank debt.

How incredible too that the UK Tory/Liberal government highlighted Ireland as an example to follow.


Stephen Beer, 09/02/2011

 
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