The counter example is Iceland who told the banks to get lost and is the only Eu...

xyzzyz · on Aug 8, 2015

Not the only one -- Poland didn't even have a red year. It exhibited GDP growth throughout the crisis.

varjag · on Aug 8, 2015

Ireland, the example shunned by krugmanites, has followed the IMF/ECB advice and is in better position than it was in 2008.

tcbawo · on Aug 8, 2015

I see some mixed data on Ireland.

A quick search shows an unemployment rate that just crossed below 10% in April. From 2000-2008, the unemployment rate ranged 4-5% (with very high unemployment in the 80s and 90s). http://www.tradingeconomics.com/embed/?s=ieuert&v=2015080617...

Also, government debt to GDP rose steadily and is near historic highs, although has recently begun to fall: http://www.tradingeconomics.com/embed/?s=irldebt2gdp&v=20150...

By which measure is Ireland in a better position than 2008?

patrickk · on Aug 9, 2015

The only reason Ireland's unemployment fell is because of emigration.

The economy is a disaster, especially for young people, home repossessions are just getting started by the banks (who were the actual ones bailed out, wrecking the economy by driving government debt through the roof.) The actual situation on the ground is grim, despite what the official figures might tell you.

Source: Irish person who emigrated.

s73v3r · on Aug 8, 2015

Iceland is orders of magnitude smaller than the US, and is generally not regarded as a large financial center.