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The following article was published in our article directory on November 23, 2010.
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Ups and Downs of the Reasons for Ireland

Article Category: Business

Author Name: xia zihui

Following the Greeks, the Irish government formally requested the European Union 21 and the International Monetary Fund assistance, as the euro zone sovereign debt crisis of the second victim. From Greece to Ireland, the two causes are different, the same outcome, and one more, twist of thought.

If the end of Greece over the years into a debt crisis and its lack of competitiveness on the economy, it simply is true that Ireland is wrong.

Over the past ten years, Ireland has made remarkable economic achievements, the highest miracle of continuous growth. From 1996 to 2007, average annual economic growth rate of Ireland 7.2%, which won the "Celtic Tiger" in the world. After years of development, in accordance with per capita GDP, Ireland became the second wealthiest EU countries, second only to Luxembourg.

Objectively speaking, Ireland's economic prosperity is not just basket case. Since the mid-20th century has been considerable emphasis on the Irish government to high-tech development, the implementation of science and technology strategy, which laid the foundation of the Irish pharmaceutical and chemical companies in the areas of information and communication and competition. Whether the export or attract foreign investment, the Irish are also eye-catching performance, which contributed to economic growth.

If a crisis is because the Greek lax fiscal consolidation over the years, used to spend freely, then Greece, Ireland, is also not a "pirated."

Eurostat, the statistical record from 1995, counting the 13 years ended in 2007, the Irish budget deficit of no more than a year of 3% of gross domestic product, which delineated the upper limit of the EU fiscal discipline. In fact, Ireland is only 13 years in this 3-year deficit in the euro area member states are strict fiscal discipline "model."

From the original "Celtic Tiger" reduced to today's "sick cats," the ups and downs of the Irish short, is the fault of the house.

Ten years of economic prosperity in Ireland behind, has been hidden risks, that is, the accumulation of the real estate bubble, and its performance is one of the important housing prices soared. From 1995 to 2007, Irish house prices rose an average of 3 to 4 times the price relative to the coefficient of household income growth from 4 to 10. Irish house prices was a record high and even the most all members of the OECD.

From 1996 to 2006, 10 years, Ireland real estate in the proportion of GDP doubled, from 5% to 10%. In 2007, the Irish proportion of the number of real estate practitioners than doubled during 1993, reaching 13.3%. Real estate has become the lifeblood of the Irish economy and an important growth engine.

Promoting economic development is a natural development of the real estate market, rising house prices based on demand growth is inevitable economic laws, but the problem is that banks over-generous mortgage terms and the government oversight over the years, resulting in high leverage the real estate market, investment excessive price artificially high, the bubble has accumulated. 2008 financial crisis, suddenly shrinking real estate market, relying on support of the mortgage credit system appears large bad debts, the financial system at risk. Since a large number of new and unused houses were under construction, Ireland and even the many "ghost town."

In order to maintain financial stability, the Irish government had to spend heavily to help domestic banks, the bank issues "face it", thus leading to financial overwhelmed. Government of Ireland by the end of September, according to figures published by national relief may take up to five major banks 50 billion euros, Ireland this year's budget deficit will surge to 32% of the gross domestic product, rare in the history, which opened a prelude to the debt crisis. Real Estate kidnapping the bank, the bank has kidnapped the government which is behind the Irish sovereign debt crisis of simple logic.

Ye Hao Greece, Ireland, worth mentioning, the different incentives into a debt crisis, it is because of debt into the sky, the former is a lot of money the government raised public debt, which is the bank lending caused bad debts piled bold, but ultimately will be the national child care bottom, and then evolved into sovereign debt crisis.

Alert people once again the two cases, the risk of post-crisis era in the environment, anything beyond the affordability of their physical consumption and investment are likely to translate into "debt bomb" and take precautions to adjust the balance sheet, maintaining prudent debt levels will be how important it is.

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