Ireland tried to cover the real-estate wounded of its banks with a mix of government-backed loans, financial plan cuts and tax hikes. The losses proved too big to grip alone, so Ireland now has a European-IMF post security.
Spain, Britain and the United States are all operational through the debts of a like crash in real estate. Cheap credit and wild lending played a hand in all four nations. Each has seen diverse amounts of the losses transfer to government accounts.
For Ireland, which cast irons all of its banks, the losses were too much to bear. Home prices are down by 36 percent nationwide, and by half in some areas. Commercial real estate default is manifold. The government had already pledged more than $50 billion to cover losses at the country's banks. Under the bailout, the banks will get one more $45 billion – counting nearly $23 billion of Irish retirement fund money.
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