Ireland’s economy: the bailout is gone, but the economy is far from healthy
Ireland on Friday “officially ended its bailout in a landmark for the euro zone’s efforts to resolve its debt crisis,” Reuters writes.
Reuters charts Ireland’s economic progress. Borrowing costs have fallen markedly over the past two years, but the economy has shrunk more than 8% since the financial crisis. Unemployment is closer to the euro zone norm, but only in part because that point of comparison has risen significantly. The Economist thinks “Ireland is almost as far away as ever from a clean bill of economic health.”
(Note that while the percentage of mortgages more than 90 days in arrears has surged, the data only goes back to mid-2009 and lacks comparable euro zone statistics for context.)