June 28, 2013 9:24 AM

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Ireland slumps back into recession after 4 years

Ireland, a bailed-out eurozone nation, has slumped back into recession for the first time since 2009. A revised official data showed today that the economy grew by far less than thought last year. It was rescued by an 85-billion-euro from the international Monetary Fund and the European Union in late 2010. Ireland, once known as the 'Celtic Tiger' economy for its double-digit growth spanning a decade from the mid-1990s, has seen its output contract sharply in recent years. It has been hit by soaring government debt, a property market meltdown, the global banking crisis and surging unemployment.

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