Monday, November 22, 2010

Luck of the Irish

Said Ireland's Prime Minister Cowen:
"How our fortunes have all turned aroun';
We looked to the Yanks
On our way up the ranks,
And to Germany on the way down."    

Ireland was forced to accept a joint bailout from the European Union (led by Germany) and the IMF, after losses by its banks threatened to bankrupt the state.  The Irish banking crisis followed years of extraordinary growth fueled by low corporate taxes and American-style easy credit.

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