For Boom-to-Bust Ireland, Another Great Migration

Leaders associated with collapse, bailout are sent packing

(NEWSER) - Irish voters have finally had enough of Fianna Fail, the long-dominating party blamed for leading the country into economic ruin, reports the Irish Independent . It's not clear whether opposition Fine Gael will get enough seats for an outright majority or will need to form a coalition government with a smaller party, but the message to Fianna Fail's leaders is clear: The party plunged to about 15% support in exit polls and may win 20 seats, down from the 78 it took in 2007, notes the Wall Street Journal . More»

Fancy cars, wines, homes selling at deep discount

(NEWSER) - In the midst of its worst recession in modern history, Ireland has become a bargain hunter’s paradise, with high-end cars, homes, and wines selling for a song. “It’s a bit like old vultures over the carcass,” one shopper tells Bloomberg . “You’ll see all sorts of places coming down. The recession seems to be biting.” More»

Busted Celtic Tiger forces dozens of restaurants, nightclubs out of business

(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. More»

(NEWSER) - Facing a tough job market, immigrants are returning home around the world, reversing historic migration patterns and giving up on income that once fed their families, the Wall Street Journal reports. With construction workers going back to Mexico and domestic servants to the Philippines, wealthy nations are also bound to feel the pinch, losing low-cost labor and valued home-buyers, analysts say. More»

Philanthropists clench fists as wealth evaporates

(AP) - Like the rest of the recession-plagued world, Ireland isn’t as affluent as it used to be, but the country is especially weakened now that declining wealth is denting its burgeoning culture of philanthropy, GlobalPost reports. Three years ago, the Irish were Europe’s second-wealthiest citizens, but bad assets have cost them $142 billion—just as demand for donations is growing. More»