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Recalling the Celtic Tiger

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Edited By Eamon Maher, Eugene O'Brien and Brian Lucey

This book looks at various effects, symptoms and consequences of the period in Irish culture known as the Celtic Tiger. It will trace the critical pathway from boom to bust – and up to the current beginnings of a similar, smaller boom – through events, personalities and products. The short entries offer a sense of the lived experience of this seismic period in contemporary Irish society.

While clearly not all aspects of the period could realistically be covered, the book does contain essential information about the central actors, events, themes, and economic trends, which are discussed in a readable and accessible manner. Each entry is linked to the overall Celtic Tiger phenomenon and its immediate aftermath.

The book also provides a comprehensive account of what happened in this period and will be a factual resource for anyone anxious to discover information on the areas most commonly connected to it. All entries are written by experts in the area. The contributors include broadcasters, economists, cultural theorists, sociologists, literary critics, journalists, politicians and writers, each of whom brings particular insights to some aspect of the Celtic Tiger.

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Bailout (Charles Larkin)

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Charles Larkin

Bailout

Bailout is the general descriptive term given to the process of providing financial support to a financial entity, such as a bank or to a national economy, such as is done by the International Monetary Fund and other multilateral bodies. The bailout is distinct from a bail-in insofar as the administrators of the bailout are providing additional funds as opposed to imposing losses on the bank or country. In the case of a typically designed bailout, the International Monetary Fund provides a short-term 36-month structure of loans to assist the recipient country with access to global debt markets.

During that 36-month period the country will restructure its public finances to make itself more sustainable at supporting whatever existing debt burden exists. In certain cases, the initial debt burden’s net present value is changed by extending the time of repayment, interest rates or reducing the principal of the loans. If the support is brought about by a currency crisis, the bailout allows time for a more robust exchange rate policy to be introduced while shoring up central bank currency reserves.

Bailout success is determined by the ability to maintain a stable currency vis-a-vis trading partners and the currency of debt denomination and/or successful reentry into the global capital markets for domestic or foreign currency-denominated public debt at the end of 36 months of programme support. Some countries will also take on a precautionary credit line with the IMF if they...

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