Sept. 15 (Bloomberg) -- The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom.[My Comment: we all know now it was just a credit expansion, not an economic boom]
Four cranes stand idle at the site, one of at least 35,000 unfinished or empty new offices and homes that dot Ireland’s landscape after the collapse of its real estate market.[My Comment: probably because it was the country relying the most on credit expansion, the financial industry, and the real estate bubble]
Ireland is suffering the worst economic slump of any developed nation since the Great Depression, according to the Economic & Social Research Institute in Dublin.
“We are familiar with the specter of the ghost village that have seven or eight housing developments but hardly a house sold,” said Joan Burton, finance spokeswoman of the opposition Labor Party.
[My Comment: Reminds me of all the unfinished buildings in Bangkok...]