What went wrong for the PIIGS nations? Ireland was the only one who managed to get its economy on track

What went wrong for the PIIGS nations? Ireland was the only one who managed to get its economy on track.

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> Ireland was the only one who managed to be bailed out with a massive loan from Britain
Not of anything the actual Irish people did

Not every country has to be like autistic Germany.

b-but we are in the G8 and we are the third economy in yurop*

*if brits leave, as of today they didn't trigger that article 50 but we all hope so

...

Ireland succeeded by becoming a tax haven for multinationals such as Facebook, Apple, Google etc

Piigs? Eastern europe receive tons of euromoney

Euro.

>tfw Southern Euros display it as if they were forced into the Euro by us
>tfw in reality we were the only ones actually forced into the Euro - by the French, in exchange for their "yes" to our unification with the East in 1990

It never went right after we joined the Eurozone. We would have defaulted if we didn't, but at least that would have been temporary.

We weren't "forced", but I doubt you didn't influence our politicians' decisions since you were advantaged by our entrance.

>tfw in reality we were the only ones actually forced into the Euro
But that's false, you wanted the euro, just not with southern Europe, but France didn't want to join unless Italy had joined too.

>the french man is keeping us down nigguh
this is 1930s all over again

Ireland isn't a success story it's a privatised dystopian hell-hole. Their health-care system is US-tier, everything is overpriced, the real-estate market has crashed and they basically make money from EU-farm subsidies and sucking Silicon Valley and generally all kinds of multinational corporate cock.

It's only a success-story by whatever metrics, the rating agencies are using.

Yeah our corporate and financial elites are quite toxic and they aren't anything behind the American ones - you think Merkel invited the shitskins? No, it was all those elites acting in the background
Come on you know it's true, back then you made joining a currency union with you a prerequisite of your "yes" to our Wiedervereinigung, it's a well documented fact. And I think it would've even worked if it was just us 2 + Benelux because our economies are still somewhat compatible, but extending it to Southern Europe and disabling them from their possibility to devaluate was a mistake

Bailout for Ireland was followed by Ireland cutting taxes even further to become a tax haven.

The EU got jewed.

t. Shithole

Yeah so?

Ireland barely managed to scrape by after offering tax deals to all the biggest companies in Europe and ruining everyone else's finances.

Having a single-speed currency union would have worked if we had a centralised fiscal policy too and the idea was that the Euro would open the door to that. The Eurozone wasn't supposed to be stuck in that strange transition zone where the fiscal policy of a currency's area is decided by 19 different governments for as long as it has.

Of course they knew a two-speed currency union was easier to work, but it would mean you were closing the door to a fiscal union.

Lel the problem wasn't countries like yours lying through their teeth about their finances in order to get in?

Germany breached the Eurozone deficit limit right from the beginning in '02, '03 and '04 and did not include the east-german pensions and a whole bunch of other debt when they joined the Euro. Everyone did that, the big banks and big audit houses got paid mega-bucks by EU governments to do this stuff.

Fucking ranga

It would've required a transfer union though (in a similar way we propped up our East financially with transfers of a total of €2T since 1990, just on an even bigger scale), and that is something you can't "sell" to the average voter, despite it would've been having benefits even for us in the long-term
All our elites knew all the time though

Yes it would have been the best case-scenario and truthfully it's still the only good option the EU has, since dissolving the Eurozone would be a disaster (especially long-term). My guess is that they were hoping things would be good for long enough that they could do these transfers over a long period of time in the form of the various EU subsidies and development programmes that are currently in place.

Ireland still has a very low unemployment rate, a really good standard of living and the best fertility rate of Europe.

please give me more free market failures like that

Ireland whored itself out to global business before any other impoverished western country manged to really do it.

Also they speak English so it's a lot easier to put your headquarters there if you're a company that originated in the US.

Ireland was the only one to get bailed out by their neighbors.
Russia would have been fine but the sanctions hurt them worse than they are admitting. Dropping them out if the top 10 GDP ranks (allowing Canada to take no. 10, thanks Crimea)

>very low unemployment rate
Part-time, zero-hours contracts like Germany, the UK and as of the last few years Greece - fantastic!
>a really good standard of living
It's just okay, nothing special and like I said healthcare there costs is privatised like the US and costs a fucking fortune, I'd say that's quite important for quality of life.
>and the best fertility rate of Europe.
They're the most devout Catholics in Europe (even more than Italy and Spain), if you'd ever spoken to Irish people about how much sway religion has in their country you'd know why their fertility rate is high. Abortion is still illegal except in cases where the mother's life is threatened and that was only added as an exception very recently.

>taking an impoverished peninsula in the name of muh clay

Russia no. 1 economic awareness

Too be fair too the potatoniggers there is only 4 and a half million of them somehow

Greece had a higher GDP per capita in 1973, when Ireland entered the EU and before the former did.

today...yeah. I guess the embrace of the free market vs the quasi-socialism that has been reigning in Greece has nothing to do with it?

Crimea is an important strategic port, and both Crimea and the Donetsk Oblast around the Azov Sea have a lot of factory manufacturing.

Who the fuck cares about Greece's retard-tier economic policy? We're talking about Ireland and how it's not as great as OP made it out to be.

Ireland wasn't a country that had to offer what others like Germany did. same case with Greece. yet they took opportunities, which we could have too if it weren't for our 'socialism', and ended up being in a much better position than us even though we had very similar starting points in the 70s

Ireland is not a nation.It's a prostitute.
Greece has 0 hope and should fuck off.
Italy is on an eternal nigger like mentality
Spain has no government and has a huge socialist movement and secession pressures
Portugal is alright I guess

Being better than the retards of Europe (us) doesn't make them a success-story. We were and are nothing alike as countries, in any meaningful way. Our economy, demographics, culture, climate, politics, region and neighbours are all completely different.

You should open a book every now and again. It won't hurt you.

What do you think attracted poeple to invest in the first play retard?

our economy is different? no shit, that's what I'm saying in the first place

the rest is silly. it's basically saying it was the Greek mentality that propped up this pseudo-socialism and the Irish mentality that embraced the free market. no shit, I'm aware of the things that held Greece back and I had been talking to political scientists and economists (both Greek and foreign) who had seen our crisis coming years before the fact

Proximity to the UK + low corporate tax

Nothing that some form of secession won't fix.

No idiot, the very fundamentals of our economy (its constituent sectors), the education and level of skill of the workforce, the economic region in which it sits geographically and so many other things. Take our history: We are an ex-ottoman colony that never industrialised they were an important part of the world's leading industrialised empire and have been involved in trade with the UK for centuries. We really really reaaally have nothing in common. They were better placed in this race to begin with.

Now if you consider their whoring themselves out and turning their society into a neoliberal hell-hole over the last decade or so, in order to keep their numbers looking good then that's your own problem.

P.S. Greece has never been socialist. Or properly capitalist for that matter.

you seem to be forgetting that all attempts to bring in foreign business and industrialize were squashed in Greece by local pseudo-socialists who wanted gibs and enjoyed the clientelism, corruption etc.

Ireland in the 70s was far closer to Greece than it is today but I guess it's always easier to excuse things as "they happened because they had to happen that way"

also lol @ 'neoliberal'. ah yes, poor Ireland thriving while Greece is in the mire

>destroy industry make them tourist shitholes
fuck eu

just one mention of usa is enough to assblats these sharty fatfucks

Catholics.

>Italy is on an eternal nigger like mentality
We're not the ones who steal

>you seem to be forgetting that all attempts to bring in foreign business and industrialize were squashed in Greece by local pseudo-socialist unionists who were doing the bidding of local business moguls who wanted gibs and enjoyed the clientelism, corruption etc.
fix'd that for you.

>Ireland in the 70s was far closer to Greece than it is today
Ireland was never close to Greece in any way - period. Stop talking shit.

>you can't "compete" with china and german industry therefore you must become a bannana republic
>destroy all production, go back to the stoneage and get euros entirely dependent on others

>Polish economic miracle
>it's all EU subsidies

wtf I hate poland now

so much for a white master race when only a handful of euro nations are carrying other europeans

don't buy into that. Greece was never going to compete with the industrial powerhouse of Europe, obviously, but it could have been in a much better situation by bringing foreign business in, which everyone here repelled every single time it almost happened. it still keeps happening actually

Poland is going to make good use of the money, that's the whole point

Compared to your shithole.

In reality its still not back to the 1995-2007 time.

This is after it got saved from imminent collapse in 2009 and 2011. Is it really successful if only foreign bailouts can save it?

Shut up

just build factories, that's all China does, extract resources, use resources for production, services are entirely unneeded when you're a stone age economy aka very little production.

Kek Ireland and Greece are in no way similar. In 1975 or 2016.

destroying your production is to dominate your politics.

Stop replying to the retard.

fuck off. your use of 'neoliberal' is all I needed to see what you're on about

far more similar back then than now. and it's all due to difference in economic policy

why are leftards like you such authoritarian faggots?

.0005% tax rates

>Poland is going to make good use of the money,

Kek

>and it's all due to difference in economic policy

Ahhh yes, the fact Irish speak english and are in the richest part of the world is comparable to Mr. meme alphabet in the Balkans.

Would 'de-regulated' have triggered you less, you economically and historically illiterate pleb?

I'm not a leftist, I'm just better educated than you. Now go wank to Ayn Rand or whatever it is 18yr olds who just discovered lolbertarianism do and come back when you've done some reading.

fucking kill yourself fucking unemployed gallego siesta loving piece of shit.

Is it opposite-day today? lol

international companies have been wanting to bring their business to Greece since the 80s and it always failed due to the local pseudo-socialism. at the same time, local businesses are never encouraged due to the economic policy

I didn't say we were gonna be Ireland of course. but far from what we are now

>you think Merkel invited the shitskins? No, it was all those elites acting in the background

Nice tinfoil you have there. But why let out the fact the refugees are reptilians?

Ireland wasn't bailed out by anyone. Ireland bailed out our banks.

m.youtube.com/watch?v=pCHu1kRT6hU

It's just that "neoliberal" countries are better off, since they made necessary sacrifices. That wasn't fun for anyone. But not even Sweden could keep its welfare state as globalization hit.

France is the only country resisting neoliberalism, and see where the are.

...

They have neither the workforce (Greeks are old and phlegmatic) nor the resourcess, nor the flat space for that.

they have everything for that.

Greece Labor Force:5.05 million
Germany Volkswagen Employees:572,800
Production output:10.02 million (2015)

Ireland is a tax haven for large companies. The other PIIGS countries have structural difficulties with their economies, unemployment etc.. As long as those nations are part of Eurozone, they won't get back on their feet. Greece is a good example, it's been taken a hostage by IMF and Euro banks. People are struggling and rest of the EU is shoveling more and more money in, which never really goes to Greece...

Globalization in this case means uncontrolled immigration. Sweden has a very well managed economy, but 100's of thousands of 3rd world cockroaches will eat up all the welfare there is.

>What went wrong for the PIIGS nations?

Eurozone.

>Ireland was the only one who managed to get its economy on track.

Coz it has access to a non-Euro market.

The short answer is that in the 1990s, as a result of Reunification, the German economy pushed through a bunch of laws and informal agreements designed to reduce consumption and increase employment. When the Eurozone was created, Germany effectively locked in its improved export position.

The PIIGS couldn't modulate their currency to deal with German exports and grew their debt and unemployment accordingly.

>But Amerifat, nobody forced people to buy German shit!

Yes, but the fact that German shit was being sent at all ended up crowding out domestic production. Reduced employment from manufacturing increases household and government debt because employees can have their income reduced to zero but can't, for obvious reasons, reduce income to zero. So national savings go down as people spend their savings looking for a job, and government debt goes up as a result of unemployed people using welfare services.

>Reduced employment from manufacturing increases household and government debt because employees can have their income reduced to zero but can't, for obvious reasons, reduce consumption to zero.

Fixed. Consumption can't go to zero, not income.

Greeks have neither the technical education system, nor the infrastructure, nor the relief or space to mass-produce cars.

>inb4 they can create it
That'll take decades and comes at the cost of money no one will lend them by now

That's an accurate description, albeit it doesn't mention that labour costs also rose a lot in the PIIGS.

Yet there are still countries, small as well as large who can keep their economies booming even though the Nazi German Reich is flooding them with whatever you mean with the vague term ''German exports'', what an absolute shit show of a post.

All countries lost, never gained ground on trade balance with Germany, as the Euro is clearly too strong for us.

How many volks are produced outside germany?

Germany is literally Sweden's most important trade partner, and we export more to you than we import from you.

>Sweden exported $159B and imported $154B, resulting in a positive trade balance of $5.78B.

>The top export destinations of Sweden are Germany ($16.9B), the United Kingdom ($12.3B)

I meant Euro countries.

The PIGS dont benefit from the euro.
They'd benefit more if they had control over their currency amd therefore, their interest rates.
But no one has the balls to do so.
Fucking germany it angers me so much that those motherfuckers disrespect the budget limits.Why do they even need a 6% surplus?Why cant they increase wagea,reduce taxes,build more infrastructures, i dont know,anything just to avoid having surplus.This is capitalism,you shouldnt save money,you shouldnt reduce debt and you shouldn't have a huge surplus.
Please someone crash the german automotive industry

I wish falange win lads

wins *

siestaniggers can't into economy

>healthcare there costs is privatised

it isn't though. what are you on about?

>Ireland was the only one who managed to get its economy on track.

Not true, Spain is outperforming most of its peers in Europe

They still haven't reached pre-crisis levels, afaik.

With shitty salaries, pretty shit

Siesta niggers, you? Tax haven, our corrupt politicians love your shithole

>Trusting spanish data

wew lad

Almost there. Bear in mind that the Spanish "peak" was a bubble of epic proportions compared to some other countries. Not making excuses for them just saying.

Main worry about Spain is that unemployment not the growth

Spain is lots of things but it isn't Argentina

Coming down but far too high still

Godspeed, poor Spaniards. Our banks contributed to the bubble, and they got out fine.

Yeah, our politicians are worse. The spanish GDP is fake.

But you feel signs of economic recovery, do you?

Unless you live in Extramadura. Then you'll be beyons salvation.

No, pensionits on average get more money than a worker for the first time in our history.