"Celtic Tiger" No More

Not long ago, Ireland's economy was experiencing such a boom it was called the "Celtic tiger."

But that was then.

Unemployment could hit 11 percent this year, and housing prices have plummeted. And Irish emigrants who were lured home by the country's promise are feeling bitter, reports CBS News correspondent Elizabeth Palmer.

Over the years the legendary charm of Ireland has been trumped by its dismal job prospects. Generations of the best and brightest had to leave to find work.

But last year, Ed Neale dared hope that Ireland's newly booming economy had finally reversed that trend.

"Only 18 months ago jobs were aplenty," Neale said recently.

He packed up in Holland, where he'd been studying architecture, and headed home. But when he arrived - the jobs had dried up.

"It was really just a blip in the sort of nation's history. You know we are traditionally a very poor country. We're a nation of emigrants and those times are coming back," Neale said.

During the years of explosive growth starting in the mid 90's, Ireland was known as the "Celtic tiger." House prices rocketed up and a flood of investment gave the Irish the second highest standard of living in Europe.

No more. The real estate market's dead. Banks are foundering. And laid-off workers know there are no new jobs.

The crash came with stunning speed. Unemployment doubled in the last year alone. It's now over 10 percent, with 1,000 new people registering for benefits every day.

Brendan Landers came back to Ireland after 16 years in Canada. Feeling bitter and betrayed in the wake of the crash, he wrote a column, and discovered he wasn't alone. He says it got over 7,000 hits on his Web site.

They were from Irish emigrants who - like Landers - had been enticed back from abroad by the boom, and were ambushed by the bust, which they blame partly on official corruption and incompetence.

"What they'd been feeling is basically a disappointment with our country," Landers said.

Beyond the disappointment, though, there's a streak of tough Irish pragmatism. Take Marina Giblin, who had dreams of bringing up her four-year-old daughter near family and friends. She left San Francisco for Dublin and a good job in banking - a business that has fallen on very hard times.

"The reality of it is we partied very hard and we forgot there would be a hangover," Giblin said.

[casionova]

Ireland is a net contributor to the EU, not a recipient.

[highlander2005]

I certainly wish my Irish cousins well and hope that they come out of the present economic downturn unscathed.
They are lucky though, in some respects as they are an Independent nation.Scotland on the other hand has aspirations of Independence, which will now be strengthened by a recent documentary on the BBC Gaelic channel. This exposed how successive London governments have been taking Scotland for a ride, including the present government political party.The Documentary is available to see on You Tube
Chapter 1: see - *******.com/coxds5
Chapter 2: see - *******.com/dcbbap
Chapter 3: see - *******.com/apvr8d
Chapter 4: see - *******.com/ahbb5s
Chapter 5: see - *******.com/avchtf
Chapter 6: see - *******.com/bslth8
Is in Gaelic with English subtitles.This is now spreading and is being viewed more and more despite Labour and its lackies trying to keep the lid on it. The British press have ignored t, no doubt hoping it will go away. I would hope that a broadcaster from outside Britain would take an interest in it, especially thepart where it was established and is in recently revealed official papers that an independent Scotland would hve been the richest country in europe! and how Maggie Thatcher spent all the oil revenue on English projects such as the Channel Tunnel, but didnt spend a penny in Scotland!
To alltrue Irishmen I wish a happy St Patricks day!

[garthbroon]

Happy St.Patrick's Day to all.

Ireland may not be so badly off, just unfortunately a bit in the spotlight.
A lot has yet to unfold regarding the european economy.
Ourselves and our British neighbours are a resiliant lot.

Good to say Hello.

[scoobescbs]

skunk_monkey we joined the EU in 1973, I don't need to do any research, I was referring to the comment from the poster below that Ireland has been a parasite on Britain for centuries????? that is untrue, arrogant and completely ignorant.

[skunk_monkey]

??this is an article about the REPUBLIC of Ireland, In what way exactly have we been a parasite on Britain for centuries, I think you'll find if you go back centuries that the English stole our land like they did to a lot of other countries and where exactly did that get them, they're in the same mess as all of the world, grow up??

The uk supports the republic financially through the eu. we are a net contributor where you are a net sponger. We also openly give the Irish government millions each year. Do a little research and u will see

[Chris_Butler]

Oh well. There's always St Patrick's Day.

Posted by keithle1 at 12:29 PM : Mar 8, 2009
==================================

The trouble with St Patrick's Day is most Irish Politicians used it as an excuses to disappear out of the country on some pretence that they were playing some kind of diplomatic role improving the image of the country.

The truth being that their huge amounts of teenagers using St Patrick's Day as an excuse to get drunk.

[legacyabq]

Posted by LOL_AT_CBS at 3:59 AM : Mar 8, 2009


Yeah, OK, glad you left and dont come back Ireland has a 3 thousand year history and you know what they say:

kiss my Irish ass

You punk azzzz bi-otch

[legacyabq]

Hehe dont worry, if we irish could survive a few centuries of english oppression, I think 10% unemployment canna be soo bade

[keithle1]

Oh well. There's always St Patrick's Day.

[roger_inkart]

I love Ireland and the Irish people. They are warm, welcoming and sincere and their nation is a beatiful gem. I wish both a quick recovery to the recent financial downturn.