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 | #3573974 in eBooks |  2015-11-04 |  2015-11-04 | File type: PDF

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Ireland’s major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008–10. Public debt climbed rapidly as revenues collapsed and as banks’ rising loan losses increasingly required public support. Following the Greek crisis in spring 2010 and emerging tensions in the euro area, the last act in the process saw the operation of the “sovereign-bank loop”—a vicious...

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