Post-2008 Irish economic downturn
The post-2008 Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–2008 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as well as unemployment, escalated to levels not seen since that decade.
A 'ghost estate' in Ireland
Brian Cowen
Workers march through Dublin against the government's response to the financial crisis, 2009
Joe Higgins, MEP, speaking during 2010 banking crisis protest against bailout of Anglo Irish Bank, Dublin
Post-2008 Irish banking crisis
The post-2008 Irish banking crisis was when a number of Irish financial institutions faced almost imminent collapse due to insolvency during the Great Recession. In response, the Irish government instigated a €64 billion bank bailout. This then led to a number of unexpected revelations about the business affairs of some banks and business people. Ultimately, added onto the deepening recession in the country, the banks' bailout was the primary reason for the Irish government requiring IMF assistance and a total restructuring of the government occurred as result.
Sticker on van window in Dublin reacts to banking crisis
Joe Higgins, MEP speaking outside Anglo Irish Bank during a protest against the bank bailout in 2010
Protestors outside Anglo Irish Bank during protests against the bank bailout in April 2010