Celtic Tiger Hangover Pounds Dublin Bars

Busted Celtic Tiger forces dozens of restaurants, nightclubs out of business
By Jason Farago,  Newser Staff
Posted Jun 24, 2009 7:50 AM CDT
Europe's longest-running winning streak, the vaunted Celtic Tiger economy, came to an inglorious end when Ireland became the first country in the 15-nation euro zone to fall into recession.    (AP Photo/Peter Morrison)
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(Newser) – Once the poor man of Europe, Ireland rode a breathtaking economic boom that transformed Dublin into one of the region's swankiest capitals. But now that the Celtic Tiger has gone bust, the ambitious restaurants and exclusive lounges of the new Dublin are closing their doors. Cash and credit have dried up, reports GlobalPost, and the indebted bankers and property developers are in no mood to party.

Pick up a travel guide to Ireland and it'll send you to Colin Farrell's favorite bar or Bono's local hangout—both closed. And it isn't just Celtic Tiger-era establishments that are shuttering. Dublin's famous pubs are having a rough time, and the city's largest bar owner has gone into Chapter 11. These days, the Irish are drinking at home.