Interesting comments Sandminer. Last year my family spent 5 weeks in Ireland, for a family reunion. My husband comes from a large town that was absolutely bustling on our previous visit in 2001. Back then, the economy was strong, population growth was very good. Businesses were booming and everyone feeling so good about the value of their houses, and the security of their jobs, they were all looking for second, or third properties, either in Ireland, Spain, Portugal, or France, or other European Countries.
What a complete turnaround when we visited last year. My mother-in-law has lost her financial security, her suppossedly 'safe', 'low risk' investments basically stolen by the Bank of Ireland. Her retired friends, as well as her, have all taken what money they had left out of the banks because they don't feel that the money is secure. Housing is around 50% off it's high, and even at those prices, nobody is buying, and the banks have tightened their lending criteria, so even if you are lucky enough to still have a job, unless it it very, very secure, you wouldn't get a loan anyway. Most people wouldn't bother buying though because a lot of new developments sit idle, some new estates, like ghost-towns. The public sector wages have all been cut, my mother-in-laws heath care card has been taken away from her, and her pension has been cut. People are just overall pretty depressed about their prospects, and those of their children. They see their children leaving them, just like they did in the 70's and 80's, to countries far away just to be able to survive.
I would estimate that 50% of the businesses have already gone broke judging by the number of empty retail and office spaces. The rest are struggling. Of the 50 or so pubs in the town, apparently only 1/2 a dozen of them are not in administration. The immigrants have all left town.
Most young people I spoke to are looking at coming out to Australia while they are still young enough to get working visas, the rest of them wish they were still young enough to get working visas, so they could emmigrate to Australia.
Things in Australia aren't great, but they are a darn sight better than in Ireland.
