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'Celtic Tiger' Has a Thorn in Its Paw

Ahern's heir inherits an Ireland whose boom is behind it

By Jason Farago, Newser Staff

Posted Apr 3, 2008 7:38 AM CDT

(Newser) – In his 11 years as Ireland's prime minister, Bertie Ahern presided over explosive economic growth that earned the once-moribund nation the nickname "Celtic Tiger." But his presumptive successor, finance minister Brian Cowen, is inheriting a dismal situation: after a decade of boom, Ireland's economy is set to grow at the slowest rate in 20 years, writes Bloomberg.

Ireland's economy doubled in size during Ahern's tenure, and growth averaged 7% a year under Ahern—three times the Eurozone average. But that figure will collapse to just 2.8% in 2008 in the face of high interest rates and a slumping housing market. With the "Celtic Tiger" period drawing to a close, says one Dublin economist, "maybe Ahern is leaving at the right time."

President Bush, Irish Prime Minister Bertie Ahern and House Speaker Nancy Pelosi of calif. walk down the steps of the Capitol in Washington, Monday, March 17, 2008. (AP Photo/Gerald Herbert)

Irish Prime Minister Bertie Ahern, reacts during a press conference Wednesday April 2, 2008, in Dublin, Ireland, to announce his resignation. (AP Photo)

Irish Taoiseach (Prime Minister) Bertie Ahern with other politicians during a press conference Wednesday, April 2, 2008, in Dublin, Ireland, to announce his resignation. (AP Photo)

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'Celtic Tiger' Has a Thorn in Its Paw

Ahern's heir inherits an Ireland whose boom is behind it

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Angry Voters in Ireland Rout Ruling Party

Leaders associated with collapse, bailout are sent packing

Cowen Teeters as Greens Quit Irish Gov't

Elections now likely for February

Ireland PM Cowen Quits as Party Leader

But says he'll lead government through March election

Irish PM Refuses to Quit Over Debt Crisis

Despite the fact that his own party is pretty angry

IMF: Ireland Should Cut Taxes—for Women

'Sexist' plan slammed as austerity budget unveiled

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'Celtic Tiger' Has a Thorn in Its Paw

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OTHER STORIES ON OUR RADAR

Bertie Ahern • Ireland • Celtic Tiger • Brian Cowen • Irish economy

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

Angry Voters in Ireland Rout Ruling Party

Leaders associated with collapse, bailout are sent packing

Cowen Teeters as Greens Quit Irish Gov't

Elections now likely for February

Ireland PM Cowen Quits as Party Leader

But says he'll lead government through March election

Irish PM Refuses to Quit Over Debt Crisis

Despite the fact that his own party is pretty angry

IMF: Ireland Should Cut Taxes—for Women

'Sexist' plan slammed as austerity budget unveiled

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?