Episode 254 • • 1:05:19 - 1:08:25
254: Final Jeopardy
Irish Economic Crisis and the Celtic Tiger Collapse
Economist David McWilliams explains the Irish economic crisis as a misdiagnosis of German bank loans as an "economic miracle." The collapse of the "Celtic Tiger" is attributed to a housing bubble fueled by debt that the country cannot repay now that German lenders are calling in markers. The hosts discuss the resulting mass emigration of the Irish workforce and the intervention of the IMF.