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The crisis began through a failure by banks, the government, news organisations and the corporate sector to heed signs that the economy was overheating. In June 2005, The Economist mentioned Ireland on a list of countries with recent property price inflation; Ireland's price inflation of 192% in 1997–2005 was the highest on its list. [47]
The economy and government finances began to show signs of impending recession by the end of 2007 when tax revenues fell short of the 2007 annual budget forecast by €2.3 billion (5%), with stamp duties and income tax both falling short by €0.8 billion (19% and 5%) resulting in the 2007 general government budget surplus of €2.3 billion (1.2% of GDP) being wiped out.
On 28 November 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European Troika, agreed with the Irish government in a three-year financial aid programme on the condition of far-reaching austerity measures to be imposed on the Irish society in order to cut government expenditure.
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The two parties joined in a coalition for the first time after the 2020 election result. Their arrangement meant that the position of Irish prime minister, the taoiseach, was swapped halfway ...
Download as PDF; Printable version; In other projects Wikidata item; ... 2008 elections in the Republic of Ireland (1 P) F. Post-2008 Irish economic downturn (1 C, 56 P)
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In the first 10 months of 2011, 8,692 houses were completed. This compares to 76,954 in 2004, 80,957 in 2005, 93,419 in 2006, 78,027 in 2007, 51,724 in 2008, 26,420 in 2009 and 14,602 in 2010. [79] The Irish National Debt has significantly increased: Ireland's ratio of General Government Debt to GDP at the end of 2009 is estimated to have been ...