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Then, the demise of the real estate industry brings about the demise of the linked industries, such as the automobile industry, the furniture industry, the home electronics industry and so on. The demise of these industries would translate into the bankruptcy of numerous economic agents, the loss of jobs of millions and people, with the direct impact of a growing socio-economic problem of unemployment and the subsequent pressures of the federal budgets. Specifically, the Irish budget would have to support more and more people living on social welfare, rather than wages. Basically, if the second wave of the real estate crisis hits Ireland at the degree estimated, the country would deepen in the financial crisis.
The Irish regulators are intensifying their efforts to reduce the risk of credit defaults. Two relevant examples in this sense are constituted by the obligation of banks to wait 12 months before they seize the property of the debtors, and the recent decision of the...
Critics however argue that the measures are not able to resolve the problem, and that in fact, the mortgage situation is a suspended crisis and that the governmental measures are only really postponing the problem, not dealing with it (Enrich and Forelee, 2010).
Overall, David Enrich and Charles Forelee produced a well written and interesting piece of reading. It broadens the vision of the reader by presenting a glimpse into the different problems of a different country fighting with the same crisis. It is also written in a common language which makes it accessible to both economists as well as novices.
Reference:
Enrich, D., Forelle, C., 2010, Ireland's next blow could be home loans, Wall Street Journal Online, http://online.wsj.com/article/SB10001424052748703514904575602650960629366.html?mod=WSJEUROPE_hpp_LEFTTopStories last accessed on November 10, 2010
Reference:
Enrich, D., Forelle, C., 2010, Ireland's next blow could be home loans, Wall Street Journal Online, http://online.wsj.com/article/SB10001424052748703514904575602650960629366.html?mod=WSJEUROPE_hpp_LEFTTopStories last accessed on November 10, 2010
Queen Elizabeth I - Her Affairs with Ireland Upon her ascendancy to the throne of England in 1558 - having survived two months' imprisonment in the Tower of London at the hand of her half sister Mary Tudor four years earlier - Elizabeth found herself hostage to the volatile political, cultural and social unrest in Ireland. Indeed, Ireland's existing government in Dublin was wholly ineffective, and Irish society was divided into
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