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Originally Posted by Paul
Granted Ireland spent a lot of their EU grant money wisely on infrastructure I'll give you that. Most of that economic growth was tied into the housing bubble and an unsustainable reliance on the construction industry that completely collapsed when the credit crunch hit.
Ireland also had one of if not the biggest housing bubble in the EU which has resulted in a catastrophic crash in prices.
Irish banks are ALL insolvent and the next EU bailout will most likely result in depositors loosing their savings, the Cyprus incident was pretty much a blueprint for future EU terms and conditions for bailouts.
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I'm not pro-EU but what does Irish banks lending to Irish people have to do with the EU?
If anything it's the very British obsession with property and the aspirational ?housing ladder? that fueled some of the madness in many European countries.