From : The Guardian
Photo : http://www.guardian.co.uk/
Ship of Fools: How Stupidity and Corruption Sank the Celtic Tiger by Fintan O'Toole.
The luck of the Irish has finally run out. Having roared away lustily for a decade or so, the Celtic Tiger has now rolled over on its back, all four paws stiffly in the air. In the late 1990s, Ireland became well-heeled for the first time in its wretched history, and in some respects even outstripped its former colonial proprietors. In this newly affluent nation of software and low taxes, bent bankers and microchip exporters, house prices in Dublin shot up by 519% between 1994 and 2006, probably the biggest such boom on the planet. It was a land of massive tax breaks and of financial regulation so light as to be invisible to the naked eye. As Ireland grew more dependent on foreign investment for its manufacturing than almost anywhere else in the world, the New York Times dubbed the country "the Wild West of European finance".
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