Sept. 15 (Bloomberg) -- The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom.
Four cranes stand idle at the site, one of at least 35,000 unfinished or empty new offices and homes that dot Ireland’s landscape after the collapse of its real estate market.
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Ireland is suffering the worst economic slump of any developed nation since the Great Depression, according to the Economic & Social Research Institute in Dublin.
The banking system came close to collapse after the bankruptcy of New York-based Lehman Brothers Holdings Inc. a year ago today froze global credit markets and swelled bad debts. Ireland’s banks are now in a “vegetative state,” according to RBC Capital in London. The government is hoping that by purging toxic assets, the banks will revive lending and reignite the economy.
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There can be no 'reviving the economy'
ReplyDeleteThe profligate lending practices of the banks
lead to their production of abortive loans
across the board.
They all must fail.
Back to eating potatoes thanks to the greedy banksters.
ReplyDelete