The post-2009 Irish economic downturn in the Republic of Ireland, coinciding with a series of banking scandals, followed by the 1990s and 2000s Celtic Tiger periods of rapid economic growth driven by foreign direct investment, subsequent property bubbles which made the real economy uncompetitive, and the expansion in bank lending in the early 2000s. The initial setback in economic growth amid the 2007-08 international financial crisis greatly improved in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, like unemployment (especially in the construction sector), has risen to levels not seen since that decade.
The Irish Stock Exchange (ISEQ) stock index, which peaked at 10,000 points briefly in April 2007, fell to 1,987 points - a 14-year low - on Feb. 24, 2009 (last under 2000 to mid 1995). In September 2008, the Irish government - a coalition of Fianna FÃÆ'¡il-Green - formally acknowledged the country's decline into recession; big spike in unemployment occurred in the following months. Ireland is the first state in the eurozone to enter the recession, as stated by the Central Statistics Office (CSO). In January 2009, the number of people living with unemployment benefits has risen to 326,000 - the highest monthly rate since records began in 1967 - and the unemployment rate rose from 6.5% in July 2008 to 14.8% in July 2012. The declining economy pulled 100,000 demonstrators onto the streets of Dublin on February 21, 2009, amid further talks about protests and industrial action.
With the banks "guaranteed", and the National Asset Management Agency (NAMA) established on the night of November 21, 2010, Taoiseach Brian Cowen confirmed on live broadcast that EU/ECB/IMF troika will engage in Irish financial affairs. Support for the Fianna FÃÆ'¡il party, dominant for most of the previous century, then collapsed; in an unprecedented event in the nation's history, he fell into third place in a poll conducted by The Irish Times - putting behind Fine Gael and the Labor Party, the latter rising above Fianna FÃÆ'¡ il for the first time. On November 22, the Greens called for elections the following year. The 2011 elections replaced the ruling coalition with the others, between Fine Gael and Labor. The coalition continues with the same austerity policy of the previous coalition, as the country's major parties all support a similar agenda, but then lose power in 2016 General Election.
Official statistics show a decline in most of the crimes that coincide with the economic downturn. However, theft increased by about 10% and prostitution violations more than doubled from 2009 to 2010. By the end of 2014 the unemployment rate was 11.0% at a seasonally adjusted size, still more than doubling in the mid-2000s but down from a 15.1% peak in early 2012. In May 2016, this figure fell to 7.8%.
Video Post-2008 Irish economic downturn
Backgrounds and Causes
The economy of the Republic of Ireland thrived during the years of the Celtic Tigers (1995-2007) due to low corporate tax rates, low ECB rates, and other systemic factors (such as a gentle supervision of banking oversight including obedience to Basel Core Principles, public financial management the underdeveloped and anti-corruption systems and the adoption of poor policies including the corporate tax system that encourages goods and services that can not be traded through the construction industry). By the end of the third quarter of 2010, German banks had between US $ 186.4 billion and $ 208.3 billion in total exposure to Ireland with $ 57.8 billion in exposure to Irish banks. This led to a credit expansion and a property bubble that subsided in 2007. Irish banks, already over-exposed to the Irish property market, came under heavy pressure in September 2008 because of the 2007-08 global financial crisis.
Foreign loans from Irish banks rose from EUR15 billion to EUR110 billion in 2004-08. Most of this is borrowed on a three month basis to fund development projects that will not be sold for several years. When a property can not be sold due to oversupply, the result is a mismatch of classical assets. At the moment the bank guarantees the banks are said to be illiquid (but not bankrupt) of EUR4 billion; this turned out to be very dismissive.
Maps Post-2008 Irish economic downturn
Impact
The government's economy and finance began to show signs of an impending recession by the end of 2007 when tax revenues fell short of the 2007 annual budget estimate of EUR2.3 billion (5%), with stamp duty and income tax both falling short by EUR0. 8 billion (19% and 5%) generated a general government budget surplus of EUR2.3 billion (1.2% of GDP) deleted. The recession will soon become apparent in mid-2008. Furthermore, the government deficit is increasing, many businesses are closed and unemployment is rising. The Irish Stock Exchange (ISEQ) falls and many immigrant workers leave.
Anglo Irish Bank
Anglo Irish Bank Anglo Irish Bank is exposed to the Irish property bubble. A hidden loan controversy in December 2008 caused a further decline in stock prices. ISEQ fell to a 14-year low on Sept. 24, 2009, possibly triggered by the unexpected withdrawal from former Anglo Irish Bank director Anne Heraty of the Irish Stock Exchange board the previous night.Property market
Due to the end of the bubble, the residential and commercial property market suffered a severe slump with the value of sales and property values ​​collapsing.
Developers like Liam Carroll are starting to miss their loan repayments. Due to the financial crisis, banks such as ACC encourage their income recovery and ask for the liquidation of development companies.
Economy
The Irish economy entered a severe recession in 2008, and then entered into an economic depression in 2009. The Institute for Economic and Social Research predicted an economic contraction of 14% in 2010. In the first quarter of 2009, GDP fell 8.5% from that a quarter of a year earlier, and GNP fell 12%. Unemployment increased from 8.75% to 11.4%. The economy got out of recession in the third quarter of 2009, with GDP growing 0.3% in the quarter, but GNP continues to contract, by 1.4%. The economy grew by 1.9% in Q1 and 1.6% in Q2 of 2011 but contracted by 1.9% in Q3.
Unemployment
The unemployment rate rose from 4.2% in 2007 to 14.6% in February 2012.
Emigration
The Central Bureau of Statistics estimates that 34,500 people left the country from April 2009 - 2010, the largest net emigration since 1989. However, only 27,700 of them are Irish citizens, an increase of 12,400 since 2006. It's also important that more people go elsewhere than UK, EU or US, a traditional destination for Irish emigrants.
Downturn
2008: Cowen Government
After Brian Cowen's appointment in May 2008 as Taoiseach, the ruling Fianna FÃÆ'¡il party has voted closer to a 41% election rate in 2007, but the party began falling in polls since September 2008. Their support fell to third place. for the first time behind the two leading opposition parties in a national poll published in The Irish Times on February 13, 2009, the polls were only 22%. The February 27 poll, indicating that only 10% of voters are satisfied with the Government's performance, that more than 50% will love the general election soon. They gained about 24% of the vote in local elections in June 2009 and continue to languish as the crisis intensified over the remainder of the year, reaching a fresh 17% low in September 2009. During the 2009/2010 period, the opposition called for early elections to intensify and some of their own TD resigned the self of the party supporting the call and reducing the majority of the Government into a single digit. The government was urged by the courts to hold long-delayed Southern Donegal elections. In December 2010, after IMF intervention, their support reached a record low of 13% and their coalition partner, Green Party, announced that it would withdraw support from the Government in January 2011 after the 2011 budget had been ratified. The government announced that the election will take place in Spring 2011 but the date in question must be submitted to 25 February 2011 after a cabinet reshuffle that is widely criticized. Taoiseach Cowen was replaced as party leader by MicheÃÆ'¡l Martin. In the election, Fianna FÃÆ'¡il received 17% of the vote and their seats collapsed from 71 out to a record low of 20. The Fine Gael and Labor opposition secured record seats but did not have an overall majority and formed a coalition government.
Government emergency budget for October 2008
Ireland officially declared it in a recession in September 2008. Prior to this declaration, the Irish government announced, on September 3, 2008, that it would advance the 2009 government budget from the usual December date to October 14, 2008. In a statement, the government claimed that this was partly largely due to the global economic downturn. The budget, labeled "the most difficult in a few years", includes a number of controversial measures such as proposed revenues that were eventually restructured, and the withdrawal of HPV vaccines promised earlier for schoolgirls. Other proceeds from the budget include new income levies imposed on all workers above a certain threshold and closure of a number of military barracks near the border with Northern Ireland.
Unexpected public screams were made on the withdrawal of the proposed medical card and the refund of the university's threatened fees. A series of demonstrations took place between teachers and peasants, while on October 22, 2008, at least 25,000 retirees and students dropped in solidarity with the Irish parliament at Leinster House, Kildare Street, Dublin. Some of the pensioners even seemed to cheer on the students as the protests passed each other on the streets of Dublin. Educational changes led to a ministerial meeting with three Irish Church bishops who were convinced by O'Keeffe that religious instruction will not be affected by budget changes.
The uprising in the ruling coalition government led to a number of disillusioned members of the coalition. County Wicklow TD, Joe Behan resigned from the Fianna FÃÆ'¡il party in protest at a proposed medical card change after stating that the last taoisigh ÃÆ' â € ° amon de Valera and SeÃÆ'¡n Lemass "will spin in their graves on decisions made at last week". Independent Deputy Finian McGrath then threatened to withdraw his support for the government unless the plan to remove 70 percent auto right over the medical card was withdrawn completely. Taoiseach Brian Cowen postponed his planned trip to China, sending Education and Science Minister Batt O'Keeffe to lead the delegation. Behan, along with McGrath and former government minister Jim McDaid, later voted against his former colleagues in two important Dá il voices on medical cards and cancer vaccines. This defection reduces the majority of Irish governments from twelve by a quarter.
The additional budget was submitted in April 2009 to address the fiscal shortfall of over EUR4.5 billion.
Bank guarantee
On September 29, 2008, the government issued a 2-year unlimited bail on all debts (the Financial Institution's Credit Stabilization Act, or CIFS guarantee) that supports 6 banks. It was approved at that time by the European Commission.
CIFS's "blanket blanket" from Irish domestic banks covered debt estimated at about EUR440 billion initially. This includes all debts of 6 protected, non-renewable, and never-called banks. Thus, the guarantee itself does not directly impose any burden on the State - and since protected banks pay retribution instead, it can technically be described as making money. However, preventing assurances from being asked to commit the Irish government to prevent the collapse of one of the participating banks, which will result in calls on bail when the bank has large debts, the bank's assets are of little value due to lack of buyers, and government finances are already under heavy pressure.
CIFS blanket guarantee was never updated. Additional warranty, Defined Liability Assurance, was authorized in 2009. This second guarantee scheme applies only to specified new debt (but applies to the debt to maturity), and can be renewed every six months. This second warranty is updated several times after the end of the CIFS guarantee.
Comments by the American embassy
Despite bank guarantees in September, in December 2008 the American ambassador was reporting to Washington that there was no clear plan, after an interview with John McCarthy of the Irish Treasury Department and two other officials. McCarthy was quoted as saying that "estimating anything in an uncertain environment is currently almost impossible" and that the government could "just react to the rapidly declining". This interview was published in 2011 as part of the disclosure of wikileaks.
2009: NAME, strikes and industrial turmoil
Sit and crash
On January 5, 2009, Waterford Wedgwood entered the curator. On January 30, workers at the Waterford Crystal plant in Kilbarry were told they would lose their jobs. A statement issued by the recipient, David Carson of Deloitte, confirmed that, of the 670 employees, 480 of them would be laid off. The workers responded angrily to this unexpected decision and at least 100 of them began to sit unofficially at the diners gallery at the factory that night. They insist that they will refuse to leave until they meet with Carson. Following the revelation, there was a small fight where the main door to the visitor center was broken. Local Sinn FÃÆ'Ã… © in Adviser Joe Kelly is among those who occupy the visitor gallery. A meeting held the following day did little to resolve the conflict, sitting for almost two months until March 22nd.
On 18 February 2009, 13,000 public servants voted for industrial action on proposed pension charges. They did this action on February 26th.
The previous day, as many as 120,000 people, protested in the streets of Dublin on 21 February. This was followed by a further march through the capital by gardaÃÆ' on 25 February and a lunchtime protest by 10,000 civil servants on March 19, 2009. This was followed by two separate taxi driver protests in Dublin on 20 March 2009.
Labor Party leader Eamon Gilmore said at the time that a national strike would serve a bad country.
National Asset Management Agency
In April 2009, the government proposed the National Asset Management Agency (NAMA) to take over large loans from banks, allowing them to return to normal liquidity to help the economic recovery. NAMA's first assessment was in September 2009, which timed just before the second-year bank guarantee issue.
Increase the debt spiral
The cost of bank rescue, NAME and government deficit over the period seems to be driving Ireland's National Debt up to a ratio of 125% of GDP in 2015. However, there are a number of misleading estimates of debt statistics pertaining to Ireland's financial crisis. Ireland, like Luxembourg, is home to a large number of disproportionate international financial services providers. Many statistical calculations include the debts of all banks located in Ireland without separating the foreign banks from Irish banks. The obligations of Irish banks represent an equivalent figure of about 309% of GDP, the third highest in the EU.
Croke Park Agreement
The Irish Government and the Irish Public Sector Union, including IMPACT, negotiated the Croke Park Agreement which provides increased productivity, flexibility, and savings from the public sector in return for no further pay cuts, and no dismissal.
2010: Bank bail-out and protests
Economics Adjustment Program for Ireland
In April 2010, following a marked increase in Ireland's 2-year bond yield, the state debt agency NTMA Ireland said that "no major refinancing obligations" in 2010. The requirement for EUR20 billion in 2010 was matched with a balance of EUR23 billion , and it says: "We are very comfortable with the circumstances". On May 18, NTMA tested the market and sold the issue worth EUR1.5 billion which was three times over-demand. As of September 2010, banks were unable to raise funds and bank guarantees were updated for the third year. This has a negative impact on Irish government bonds, government aid for banks rose to 32% of GDP, and the government started negotiations with the ECB and IMF.
On the night of November 21, 2010, the then Taoiseach Brian Cowen confirmed that Ireland has formally requested financial support from the European Financial Stability Facility (EFSF) Europe and International Monetary Fund (IMF), a request greeted by the European Central Finance Minister of the Bank and the European Union. The request was approved in principle by the finance ministers of the eurozone countries in a telephone conference call. The details of financial arrangements are not immediately approved, and remain to be determined in the coming weeks, although the loan is believed to be in the region of EUR100 billion, of which around EUR8 billion is expected to be provided by the UK.
Following criticism of the move, Green Party leader John Gormley signaled that his party would seek elections in January 2011, with the implied threat that they would withdraw from the Government; with the addition of a number of Independent Government TDs stating that they will not continue to support the Government and the speculation is mounting, Brian Cowen held a press conference in which he announced that the Government intends to introduce and ratify the Budget that year, and its constituent parliament bill, before the 2011 election.
However, on Nov. 23, rebel members from the ruling Fianna FÃÆ'¡il party and opposition leader Brian Cowen sought a no-confidence motion for the Government and the dissolution of Oireachtas before an important budget vote on December 7, 2010, which should pave the way for adopting a rescue package.
On 28 November, the EU, the International Monetary Fund and the Irish state approved a rescue agreement of EUR85 billion consisting of EUR22.5 billion from the IMF, EUR22.5 billion from the European Financial Stability Facility (EFSF), EUR17.5 billion from the National Pension Fund Ireland (NPRF) and bilateral loans from the United Kingdom, Denmark and Sweden.
Eurogroup President Jean-Claude Juncker said that the deal includes EUR10 billion to recapitalize banks, EUR25 billion for banking contingencies and EUR50 billion to finance the budget.
Protest against savings
2010 saw some famous protests against austerity in Ireland.
2011: Government collapsed
The collapse of Cowen's government
On February 6, 2011, it was revealed that Ireland had received the first EUR3.6 billion of the rescue package from EFSF. This is a slightly higher-than-expected amount due largely to the better-than-expected EFSF auction auction in January 2011. Later that month the Fianna FÃÆ'¡il coalition government and the Green Party lost the 2011 election and were replaced by a coalition consisting of Fine Gael and the Labor Party.
In April 2011, regardless of all actions taken, Moody's downgraded Ireland's bank debt to junk status. The debate continues whether the new government will need a "second bailout". In August 2011, the country's sixth-largest state-owned bank, Bank of Ireland, had a market capitalization of EUR2.86 billion, but the sixth loan by the ECB and Irish Central Bank was around EUR150 billion.
Student action
As the years passed, the students became increasingly worried about the honesty and integrity of the pledge signed by Ruairi Quinn before the election that the Labor Party would oppose raising school fees.
On November 16, 2011, thousands of students, parents and their families, descended in Dublin from across the country and marched on Government House amid concerns about the reintroduction of third-rate fees. A small group was also involved in a protest sitting outside Fine Gael's office on Upper Mount Street Dublin.
At around 16:00 on November 29, 2011, three student union leaders (Galway-Mayo Institute of Technology, University College Cork and IT Carlow) under the leadership of Union of Students in Ireland (USI) President Gary Redmond occupied a room in the Department of Social Protection at Dublin's Store Street as part of an ongoing effort to get Labor to clarify its position on school fees. The police damaged the door of the room where they were stationed and took them away. The students came by bringing chemical toilets and food supplies that could last for weeks. The ten student union leaders also tried to occupy a room in the Enterprise Department at Kildare Street for the same reason.
The nine students also sought clarification on the government's views on third-rate fees, participating in peaceful sit-down protests by occupying the constituent office of Fine Gael TD and former mayor Brian Walsh in Bohermore, Galway, around noon on November 30, 2011. They unfurled banners on the roof with message, "FREE EDUCATION IS NO LESS". They were imprisoned by police and released moments later.
On December 2, 2011, eight students from the National University of Ireland, Maynooth (NUIM), including university student union chairman Rob Munnelly, began occupying the office of the constituency Naas of Fine Gael TD Anthony Lawlor. They do it with sleeping bags, clothes, chemical toilets and food supplies a week and are supported by other students on Facebook and Twitter. During the Munnelly occupation debating with Lawlor directly on TV Kildare, USI President Gary Redmond visited rebel students and banners with the slogan "SAVE THE GRANT" set up at the entrance of Lawlor.
More protest actions
Accident & amp; Closing The Emergency Department at Roscommon hospital caused continued protests by the Roscommon Hospital Action Committee.
Occupy Dame Street starts on October 8, 2011, Saturday afternoon.
On November 26, 2011, thousands of people marched against austerity in Dublin.
On December 1, 2011, the Roscrea District Court lawyers went on strike over the closing of the courthouse.
Hundreds of people from County Donegal gathered at Buncrana on December 3, 2011 to protest austerity and inform the government that "Inishowen and Donegal say no for cuts and further savings".
The Vita Cortex sit-in starts in Cork on December 16, 2011.
There is also a rebellion in the ranks of government. On November 15, 2011, Willie Penrose resigned as State Minister for Housing and Planning for his opposition to the Government's decision to close the army barracks in Mullingar. He also resigned from the party whip Labor Party. Tommy Broughan TD was released from Labor on December 1, 2011 after voting to reject the government's amendment to extend bank guarantees for another year. Later that month, Patrick Nulty, another TD Laborer, also voted against the government.
2012: Occupy and Fiscal referendum
In January 2012, Taoiseach Enda Kenny refused Ireland's need for a second bailout but admitted "a very significant economic challenge" was ahead.
Industrial actions
Vita Cortex sat down in Cork.
On March 27, 2,104 jobs were lost as Game game retail company Game closed 277 stores. The staff started to sit down.
Occupy
Occupy Dame Street continues in Dublin. In January, Occupy Cork occupied a building in the city, while Occupy Belfast took over Bank of Ireland in the city.
Protest
While attending a buffet at the Letterkenny hotel on February 24, 2012, Transport Minister Leo Varadkar was denounced and scorned by locals who repeatedly shouted "Shame on you" to him. On February 25, 2012, protesters protested the school's decline in Bunbeg, County Donegal, lined up at their local TD office, Young Deputy Fine Gael Dinny McGinley. There were also protests at County Mayo on the same day.
On March 31, Ireland was reported by international media to face a popular uprising after government figures showed less than half of the households in the country had paid a new property tax on the deadline of the day as thousands of people from across the country lined up on the governing Fines. Gael party Ard Fheis at the Dublin Convention Center. The previous night, Justice Minister Alan Shatter was involved in the controversy after telling those who objected to the Government's Household Charge to "earn a living", comments made on the way to Fine Gael's annual conference at the Convention Center.
In April 2012, the ruling Labor Party held a centenary conference at Bailey Allen Hall in NUI Galway. GardaÃÆ' used a pepper spray to hold anti-austerity demonstrators after they broke through the Guard fence while protesting against the government.
In October 2012, minivan TÃÆ'¡naiste Eamon Gilmore was intercepted and kicked by protesters against the cuts in Dublin.
Referendum on the Fiscal Stability Agreement
In 2012 the government seeks to ratify the Agreement on Stability, Coordination and Governance in Economic and Monetary Unity. The Attorney General suggested that a referendum be required to ensure consistency with the constitution. Consequently, the Thirtieth Amendment of the Irish Constitution was adopted on 31 May with 60.3% in favor of 50% of voters. It perpetuates the Fiscal Treaty into Article 29 of the Constitution.
2013: IBRC and exit bailout
IBRC Liquidation
On the night of 6-7 February 2013, Irish Bank Resolution Corporation (IBRC) was dramatically liquidated after Fine Gael/Labor's coalition passed overnight emergency legislation via Oireachtas while President Michael D. Higgins was flown home from three official days visiting Italy where he had started that morning too. It was the night before the Irish Supreme Court hearing appeal by Dublin businessman David Hall against a High Court ruling that he did not have a stand or locus standi to challenge the legality of the EUR3.06 billion promissory promo. note payments due by the end of March. Hall's original argument before the Court of Appeal was that the payment of EUR31 billion in promissory notes in relation to the now-closed Anglo Irish Bank was illegal as their publication in 2010 was not approved by DÃÆ'¡il's vote. Every IBRC employee has their work concluded immediately, with many lessons as announced on TV3 national television.
DÃÆ'¡il ÃÆ' â € ° ireann was called into the session for 22:30 on February 6, 2013. The opposition did not have a copy of the proposed law to be debated with five minutes prior to this. They have received a copy at 22:32 and the DÃÆ'¡il session is then postponed until 23:00. Fine Gael TD Jerry Buttimer tweeted Bill's photo at 22:35.
Minister Michael Noonan blamed the rush on leaks to foreign media. Ursula Halligan told TV3 that "the leak came from the Frankfurt tip."
The proposed law was finally passed in DÃÆ'¡il by 113-35 at 03:00. In Seanad ÃÆ'â € ireann it passed 38-6. President Michael D. Higgins rushed home from his visit to Rome and signed the Irish Bank Resolution Corporation Bill 2013 into law at the ÃÆ' race an UachtarÃÆ'¡in on February 7, 2013.
The opposition criticized abruptly with the laws it passed. Many deputies do not have time to read it. The critical opposition TD range includes Joe Higgins, Catherine Murphy, Richard Boyd Barrett, Luke 'Ming' Flanagan, Mick Wallace, Thomas Pringle and Mattie McGrath. According to Independent TD Stephen Donnelly in a speech addressed to Minister Noonan in the room,
Donnelly also warned that Section 17 of the Bill "can be categorized as unconstitutional" and describes the bill and its introduction as "very, very dangerous" and "fundamental erosion of parliamentary democracy." He advised Noonan to withdraw the bill and return to DÃÆ'¡il "before the trial is open for business in the morning, with the minimum laws necessary to protect state assets."
Ireland's mainstream media strongly support the law, although Vincent Browne calls it "crazy stuff" on TV3. On February 7, Sean O'Rourke's lunch hour watchman described it as "a breakthrough in Irish efforts to lift the burden of debt". The 8 February edition The Irish Times contains a section dedicated to this issue, described as resembling "a press release from the Treasury." Most of the media focused on the funny little tweets in which community members contributed to the #promnight tag, with some saying they had in common with many politicians in DÃÆ'¡il, falling asleep.
On February 17, 2013, Anglo Irish Bank Chief Financial Officer Maarten van Eden filed a letter of resignation that "I do not have any confidence in the government's ability to do the right thing for the financial sector. " and describes the government's actions on record pradition as " pure makeup ".
Sign out of bailout
Ireland officially quit the Troika bailout in December 2013. Taoiseach Enda Kenny gave the address to mark this official ending, where he says the country is moving in the right direction and claims the economy is recovering. Commentators, including Gene Kerrigan and Vincent Browne, questioned its significance to the Irish economy, and many view it as a cosmetic public relations exercise. On March 13, 2013, Ireland succeeded in regaining complete loan access in the financial markets, when it successfully issued a 10-year maturing bond worth EUR5 billion with a yield of 4.3%. After ending the bailout program as scheduled in December 2013, no additional bailout assistance is required.
Signs of recovery since 2014
After the bailout exit, the economy began to recover, recording a 4.8% growth in 2014. National debt fell to 109% of GDP and the budget deficit fell to 3.1% in the fourth quarter of 2014.
However, a poll for Fine Gael-Labor's coalition in 2014 shows that approval ratings for government policy continued to decline and after many allegations of Gardaa malpractice resulted in Justice Minister Alan Shatter resigning and Taoiseach Enda Kenny rewarded himself the office of the Minister of Defense. As well as this the Government has formally established Air Ireland, a company to charge people for water use and begin installing water meters in front of every property across the country, leading to major controversies and protests across Ireland.
During 2015, unemployment fell from 10.1% to 8.8%, while the economy grew by around 6.7%. In November 2015, it was reported that tax revenues were EUR3 Billion ahead of the target and that government tax revenues had increased by 10.5% throughout 2015. During 2015, Fine Gael rose in the polls, while their coalition partners Labor fought to rise above 10 %.
By 2016 there is significant attention to the accuracy and reliability of numbers that indicate economic recovery. The CSO figures - which seem to indicate that Irish GDP is up 26.3 percent year-on-year 2015 to 2016- are recognized as tilted by profits from a small number of multinational companies and some shell companies. The term "Leprechaun economics" was created to describe this phenomenon. By 2017, the Anti-Austerity Alliance changed its name to Solidarity to shift its focus from the economy.
See also
- Anti-austerity protests in Ireland
- The European debt crisis
- Wear a green shirt
References
Source of the article : Wikipedia
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