Bank of Irelnd shares fell almost immediately when the news was released.
A lot of US hedge funds just realising that Ireland’s national accounts are an illusion.
This could be the death of the Celtic Tiger illusion, when modest MNC contributions to our economy, lead to massive Irish GDP / GNP distortions, which in turn led to massive in-flows of cheap credit (via Irish banks) to fuel an Irish property boom, and give the locals a chance to live up to the lifestyle of the illusion of having one of Europe’s highest GDP (and GNP) per Cap.
They should have found a way to adjust these figures down to at least give some credibility to the illusion. Now we just look stupid (going see international pictures of leprechauns associated with our economy). And if the EU was in any doubt that Ireland is the EU capital of tax evasion, they aren’t now (just when our veto partner in tax evasion, the Brits, exit stage left).
Stupid stupid stupid