Celtic Tiger: Financial Crisis

Between the late 90's and early into 2000, the Irish economy peaked. Ireland was transformed from one of Europe's poorest countries to one of its richest over night. People flocked from countries such as Romania and Poland to relish in the high minimum wage, low corporate tax, and social benefits. Contractors were in such high demand that a person could throw a tool box in the back of a truck and never go without work. But with steady incomes came the quick burning hole in each working man's back pocket. Banks were signing loans left right and centre, ignoring credibility and any inclination that this easy ride might come to an end.

But what had originally started as simple economic growth transformed into a unstoppable greed machine. Young couples barely settled took out loans and invested in multiple properties, hoping to make a decent amount of coin to coast off of. And it worked for a while. The housing demand in cities, vacation destinations, and even land itself went through the roof. And when the money became white hot in Ireland, investors stretched their hands from the pockets of their neighbours across the pond to The United States where thousands of hectares of land were purchased. Then in 2008 the American economy came to a stand still. The market took a turn for the worse and when banks began collecting their share of the borrowed cash, heads were lowered and pockets were turned out empty. No one had anticipated the downfall of one of the greatest economic feats Ireland had ever seen. As of 2010, unemployment rests at a whopping 14% alongside 10 years of non-regulated inflation. And now the money tree sits in the corner in a shriveled dry heap, if only to be forgotten until the tides of change turn once more.