THE ENDANGERED “CELTIC TIGER”

A few months ago, the crisis surrounding us made Greece to accept the help coming from the European Union. Last Sunday night, and after a few days of rejections, Ireland became the second country in accepting the financial assistance offered by the members of the eurozone.

The decision came just as Ireland was facing growing panic from investors and savers and anger from other members of the Union. Although we don’t know the exact amount of that aid – around €80 billion - yet, what is clear is that Ireland will be under severe economic control to guarantee the financial stability of the common currency.

In this Global World, every single step that a certain country takes has somehow an effect on the others. Experts expected that the Irish bow would have a positive reaction in the Portuguese and Spanish economies, which are probably the most in danger nowadays. However, Spain’s debt action carried out yesterday produced interest rates lower than expected and the stock market went down.