Hit hard by the crunch, the Irish Government is fighting back, implementing new competition laws and support for companies in crisis. Alan McCarthy reports
It has hardly escaped the attention of the world’s media that Ireland is one of the countries hit hardest by the recent economic downturn. Once boasting the envious label as the ‘Celtic Tiger’ economy, Ireland has now taken on the reputation of somewhat of a pariah, whose banking system and general economic stability are under threat. Indeed, as a result of the current financial crisis, last month saw the implementation a €750m (£682m) recapitalisation scheme for Ireland’s biggest banks after the European Commission confirmed that the scheme is consistent with European Union (EU) state aid.
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