They didn’t act soon enough; and now their government [has] been forced to impose painful austerity measures: large benefit cuts to seniors and huge tax increases on everybody.
But as Paul Krugman points out:
Ireland was running a budget surplus on the eve of the crisis, and had quite low debt. Its problems now have nothing to do with fiscal irresponsibility in the past; they’re the consequence of weak financial regulation and the government’s too-generous bank bailout.
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