As a consequence of the Irish banking crisis:
A)the budget surplus of the Irish government is growing to record levels.
B)the Irish government had to pay high interest rates on money it borrowed in international markets, and its solvency was in question.
C)unemployment fell to less than 3%.
D)Ireland has been forced to leave the European Union.

Question

Quizplus · Accepted Answer

The Irish banking crisis resulted in the Irish government paying high interest rates on money it borrowed in international markets. The government's solvency was also in question, leading to the need for an international bailout. As a result, Ireland had to implement austerity measures and experienced a recession. The budget surplus only started to grow after the economy began to recover. Unemployment also increased during the crisis, reaching a peak of 15%. Ireland has not been forced to leave the European Union.

As a Consequence of the Irish Banking Crisis