Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was buy Ireland. From each other. An Irish economist named Morgan Kelly, whose estimates of Irish bank losses have been the most prescient, has made a back-of-the-envelope calculation that puts the property-related losses of all Irish banks at roughly 106 billion euros. {Think $10.6 trillion.} At the rate money flows into the Irish treasury, Irish bank losses alone would absorb every penny of Irish taxes for the next four years.
The Irish found themselves in a unique predicament, contemplating how to use a substantial amount of money. Instead of investing in traditional avenues, they humorously considered buying Ireland from each other. This whimsical notion highlights the irony and challenges faced by the nation during a financial turmoil.
Economist Morgan Kelly has provided alarming estimates regarding the extent of losses in the Irish banking sector. His calculations suggest that property-related losses could reach around 106 billion euros, an enormous burden that would deplete the nation's tax revenues for the next four years. This situation paints a stark picture of the economic struggles Ireland has faced, emphasizing the depth of the financial crisis.
