Ireland: Is the Celtic Tiger on the Mend?

Ireland has long been portrayed as a success story following its remarkable transformation from a sleepy European isle into the “Celtic Tiger” -- one of the fastest growing economies in the 1990s. An abrupt collapse in the property market, however, coupled with a severe banking crisis resulted in a sharp economic downturn in 2008. Since the start of the financial crisis, successive Irish governments have implemented stern austerity measures, removing 25 billion euros from the economy through spending cuts and tax increases -- the equivalent of 16 percent of economic output in 2011.

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