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Irish Facing Familiar Enemies As Economy Recovers Losses

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http://www.bloomberg.com/news/2014-10-07/irish-face-familiar-foes-as-economy-grows-most-in-europe.html

For the Irish economy, the question is whether familiarity has bred enough contempt.

Less than four years since its near collapse prompted an international bailout, Ireland is growing faster than anywhere in Europe again. The property market, which had undermined the economy, is soaring again while borrowing costs for the government have fallen to record lows.

“We need to be careful not to go back to the situation that got us into trouble in the first place,” Stephen Vernon, executive chairman of Dublin-based Green REIT Plc, which is spending about 750 million euros ($950 million) on local real estate, told a property conference in the Irish capital this week. “I’ve never believed in soft landings.”

..

“Any set back is a long way off and more likely we are at the start of a benign cycle,” property investor Vernon said.

..

“In the past, Ireland’s fiscal policy has shown an unfortunate tendency to contribute to boom and bust economic cycles that have harmed the economy,” the council said. “We are now entering a crucial period for breaking this pattern.”

Got to love how property is always linked to recovery in modern economics....

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Any set back is a long way off and more likely we are at the start of a benign cycle,” property investor Vernon said.

lol? These people really are insane.

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They were and have done the same here with IIRC Pathfinder?? anyway it was Prescott's idea to knock down reasonably good properties knowing there was no cash to build.

Pathfinder was a disgrace. £2b worth of ill-conceived policy that ultimately destroyed communities and allowed the ramping up of house prices in the areas that did get 'regenerated' - a lot were just cleansed. Politicians too close to property developers and bankers. As per...

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The frenzy will start again. The banks will lend and those who got bitten last time will look to make good their losses in the next bubble. Some will no doubt.

In the meantime

When Irish Hearts are Happy

The World seems Bright and Gay

So let's not rain on their parade.

(only blue or green eyed ginger people need to apply to be on the video)

Edited by crashmonitor

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“Any set back is a long way off and more likely we are at the start of a benign cycle,” property investor Vernon said.

It all seems so predictable there seems to be no point in investing in anything else. It seems a cast iron certainty to make money.

Just pile in.

(this is not investment advice - just in case)

Edited by billybong

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