Ireland's economic crisis is the most expensive and also deepest of any economy since the Great Depression, a new International Monetary Fund (IMF) report claims.
According to the Herald, the new IMF report says that Ireland is the only country in the world to suffer from fiscal costs, increases in public debt, and output losses due to a banking crisis.
Worryingly it also added that there is no sign of conclusion in sight to the country's debt crisis.
'Ireland holds the undesirable position of being the only country currently undergoing a banking crisis that features among the top 10 of costliest banking crises along all three dimensions, making it the costliest banking crisis in advanced economies since at least the Great Depression,' the IMF paper, titled Systemic Banking Crises Database: An Update, claimed.
'And the crisis in Ireland is still ongoing,' the paper added.
Other more advanced economies have more options available to them to exit the downturn, including credibility with financial markets, which allows them the use of options such as bank guarantees.
'Deposit freezes, while rare, are most frequently used by emerging economies, whereas guarantees on bank liabilities are more common among advanced economies,' the IMF claimed.
'Guarantees are more common among advanced economies, perhaps because of generally better institutions and access to international capital markets, rendering the announcement of guarantees more credible.'
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Switch to the desktop site to post a comment.MichaelMcGrath | Oct 29, 2012, 10:43 PM EDT
Nobody knows the figure as the 2011 Census is mostly made up , but there is a minimum of a half million Africans alone in Ireland right now - they're all around us. They're getting social welfare payments so high that native Irish people could only ever dream of getting anything like it. They pay the Africans so much through the CWO's , the Community Welfare officers in all the County Clinics throughout Ireland. This is all paid up to them immediately on arrival in the form of "Special needs Payments" - all they need is the airfare from Africa and they're made for life in Ireland without ever having to do a day's work. In fact work is discouraged . They are then given money as well to pay their applications for Irish citizenship , at the rate of a thousand a week right now. They have kids immediately and they have not stopped breeding since they landed in Ireland, they get massive child benefits for that too. All in all, together with health and education, Housing and cars , this costs the Irish people a minimum of four billions a year. All Irish political parties agreed together to say nothing about it, to have no immigration policy as long as they all support the Open Door Mass Immigration. They are the greatest traitors to any country that have ever existed and Ireland is at their mercyI am born, bred, reared and living in Ireland as 100 per cent Irish and I know what I am talking about as I see and hear it going on all around me. It is the biggest sell out of any country in modern history that is going on in Ireland right now, it is the beginning of the end for the Irish.
WoundedKnee | Jul 04, 2012, 02:07 AM EDT
Posters like ciaradexy and sirpeter are now almost universally despised on this site. Just look at the chorus of condemnation of Mad Mass Immigrationists on the discussion about the imbecile Mayor of Limerick. But this dopey duo want people to believe a lie, namely that they represent the majority view in Ireland. They don't. The majority of Irish people--usually 70% and upwards when polled--oppose the settlement of their country by foreigners, even as their own sons and daughters are forced to abandon their ancient country. You won't hear from these two on this, not will you hear one good explanation as to what was deficient in the Irish that made them deserve to be supplanted and replaced by foreigners in their own homeland. You're a pair of racist idiots, sir p and ciara d!
sirpeter | Jul 03, 2012, 05:31 PM EDT
See Ciara it is your country just as Cork is my home.Georgie Boy and Morestupidbytheday will never experience that feeling of totally belonging.I can trace my family records back 16 generations back on one side and the other side 9 generations with records but even longer by oral history.I can look at almost all the red sandstone and limestone buildings like the City Hall ect and know my ancestors was involved in the engineering of many building projects that are still standing.And always will.My family were living in Cork long before a white man stepped foot where those two feckin' idiots are from.Georgie Boy sees immigrants as a contamination to Ireland but mostly to his own fragile identity.I laugh to think that the kids of those immigrants living in Ireland are already more Irish than he is.They are part of Irish society and he is not.
ciaradexy | Jul 03, 2012, 10:57 AM EDT
George, you have no idea who I voted for over the past 18 years so shut your f*cking face you imbecile. I have no idea why you have issues with migrants who come to my country. Yes MY country, not yours. I dont complain about those who go to yours but if your gonna insult migrants to mine, perhaps you should do the same to your vermin relatives who landed in the US and raped the natives land. Your family probably bred like rats. Bythebay, Sirp is from Cork and still lives there as far as i know. He isnt a yank or a plastic paddy.
Bythebay | Jul 03, 2012, 09:56 AM EDT
The US corporations which off-shored to Ireland to avoid US taxes and employ Irish workers at less cost than those in the US are responsible for this. The US banking collapse in 2008 adversely affected those US companies in Ireland which in turn brought the Irish economy down. Obams wants them back in the US, I say how soon?
Bythebay | Jul 03, 2012, 09:52 AM EDT
sirpeter doesn't live in Ireland, he's in the US collecting medicare and other welfare "entitlements". He hasn't supported anything in Ireland since he left years ago drawn by the US welfare system.
Beedee | Jul 03, 2012, 08:52 AM EDT
Who voted for the Political Party who didn't get it right? Look to your Government for their mismanagement of your assets. I bet none of THEM are worrying about their power bill right now!
esatdigiwank | Jul 03, 2012, 03:57 AM EDT
FF, in addition to the Mass Immigration Party are also the 'Soldiers of INFAMY', pursuers of the National (Self) Interest . Don't lose sight of that,ever.
WoundedKnee | Jul 03, 2012, 02:58 AM EDT
angrypaddy: "Ciaradexy is a delusional dyslectic..." Haven't seen any posts from her recently, I understand she's just finishing "50 Shades of Grey" so she'll be back again soon.
WoundedKnee | Jul 03, 2012, 02:52 AM EDT
sirpeter--there's no limit to your craziness. During the decade of vast Mass Immigration, say 2000-2010, guess who was in power in Ireland, you fool. Fianna Fail--that's why they call them Fianna Fail the Mass Immigration party!
sirpeter | Jul 02, 2012, 09:00 PM EDT
Gerogie Boy.That's news to me.You say the Fianna Fail party's central policy is the importation of huge numbers of foreign migrants to Ireland.You got a new tinfoil hat there I see.Or is that a Fianna Foil hat lololol.You're a madman Georgie.lololol
WoundedKnee | Jul 02, 2012, 05:14 PM EDT
sirpeter is quite a liar. He claims he doesn't support the corrupt and incompetent Fianna Fail the Mass Immigration Party, the ones who brought Ireland to ruin, yet for months now he has been wasting our time with his defenses of that party's central policy, namely the importation of huge numbers of foreign migrants to Ireland and their settlement of the country as replacements for those Irish that the same Fianna Fail gangsters have forced to emigrate. You're a disgusting piece of work, sirpeter, just like the Fianna Fail trash that you love so much.
donal breheny | Jul 02, 2012, 04:28 PM EDT
all those ff are liven it up with all the money they stole in america, greece ,france ,australia, spain portugal. none of them will be touched because the big pensions of 3000euro a week that they get are also in line for top civil servants eg police ,judges ,corruption rules .
sirpeter | Jul 02, 2012, 04:02 PM EDT
Ronan.It's amazing how some people here don't just get it slightly wrong.But totally wrong.~~Briano.A free market arises when market transactions are unregulated, theoretically allowing price to be set by supply and demand.Free markets contrast with controlled markets in which prices,supply or demand is directly controlled.Georgie Boy I never said I supported FF in my life so stop been a liar.Not that anybody believes your crap anyway.
Ronan | Jul 02, 2012, 12:54 PM EDT
''This socialist model'' BrianO? I hope you're joking. The insane bank guarantee was the ultimate get-out-of-jail card for rampant crony capitalist speculation gone wrong. It represents the polar opposite of socialism by pandering to your friends in the markets while condemning the weakest in Irish society to a breadline future.
WoundedKnee | Jul 02, 2012, 11:47 AM EDT
Remember that the utterly incompetent and corrupt Fianna Fail government which brought about this disaster were the same people who implemented the crazy policy of Mad Mass Immigration. That's why it's so weird that some Irish posters such as ciaradexy and sirpeter are such ardent supporters of these jerks.
BrianO | Jul 02, 2012, 11:37 AM EDT
I was once told by an Irish wholesaler that when America gets a cold Ireland gets pneumonia, I thinks its time to get rid of this socialist model, return to free markets, and heal.
Murph46 | Jul 02, 2012, 11:36 AM EDT
And according to LoyalCitizen it was because of American Corporations-NOT!