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The Irish love to own their own property and home. In the past 20 years, the value of their homes had for the most part increased dramatically, creating a solid investment in something the Irish cherish greatly. In the past year however it’s been a different story, the bubble finally burst. Most of the property values have been cut in half. Many are now owned by banks, and most toxic loans are bundled into a nationalized body called the National Asset Management Agency (NAMA). The government bought out many banks to a tune of 50 billion euro. The bond market in Ireland is in major trouble. Many experts are saying there is a huge need for leadership in not only Ireland’s government, but in Europe as a whole (or the European system may possibly collapse).
The lore of leaving is engrained in the Irish culture. There were 27,700 emigrants this year, an increase of 42%, due in part to unemployment being at 13.7%. In the short run, emigration is just a safety valve. However there is still hope in Ireland. Watch the video to see how George Boyle dealt with her company going bankrupt, and how she stimulated her own micro economy of sorts.
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