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The Irish Economy’s Rise Was Steep, and the Fall Was Fast
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The collapse of the Irish economy as house prices drop 50%, bank stocks drop 90% and unemployment rearches 10% in 2008. In Limerick unemployment is 14% and higher in some areas of the city. Mr Dunne, Ireland's best known developer, once paid in July 2005 the amount of 379 million euros for a 7 acre plot in the exclusive Ballsbridge neighborhood of Dublin. He planned a one billion euro development on that site. He is now insolvent.
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High unemployment, cutbacks in an austerity budget, emigration like it was before the 1980's, and a whole host of problems facing the Irish.
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The Irish Economy’s Rise Was Steep, and the Fall Was Fast
New York Times 01/04/2009
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