Publication

This paper describes the trajectory of Ireland's worsening banking crisis from 2008 up to the acceptance of an EU/ECB/IMF rescue package in November 2010 and a four-year austerity plan to reduce the budget deficit from 32% of GDP. The paper links the crisis to features of the development model that brought high economic growth from 1994 to 2007 and ends by examining the prospects for overcoming the current crisis.