Ireland: Stress Test Consensus, Bondholder Dispute [4/6]
The IMF sent Steve Dorst to Ireland to tell this story. Steve produced, directed, shot, wrote and edited. When the Irish Miracle overheated in 2008, a property bubble and banking crisis provoked a severe economic downturn. In part because of regional dynamics and the Great Recession, Ireland’s response was insufficient, and the decline persisted. In late 2010, a troika of institutions responded: the European Commission, the European Central Bank, and the IMF. Despite growing pains, the troika succeeded in stabilizing Ireland’s banks and helping the economy bounce back.