After being bailed out last year by the EU, Ireland was placed under austerity measures. Unfortunately, the Irish economy has not recovered since austerity was placed upon the country. However, that result was sort of expected because austerity doesn't work anywhere because suppressing growth during crisis times ends up causing an economy to spiral downward.
Nevertheless, the Irish people were given a second chance to deliver themselves from even more austerity from the EU. They were given a chance to vote on a referendum yesterday to determine whether or not the EU would be allowed to place more austerity upon them.
You would think that this vote would be a simple no-brainer to vote against having more austerity placed upon them. However, the EU scared people into voting yes because the people at the EU Headquarters in Brussels threatened to no longer bail out Ireland in the future.
The results from the vote were released today with the yes vote winning out with a 60.2 percentage rate. The people of Ireland just voted to place their entire national economy into an abyss of debt. Basically, they voted for their country to eventually reach the horrible economic levels that Greece finds themselves mired in right now.
Ireland should not have fallen for this trap. Iceland was in the same predicament a couple of years ago, but they brought themselves out of bankruptcy without the help of the EU. (Iceland is not a member of the EU.)
If you really take a closer look at the European Union, then you can see that the EU is highly overrated. If the EU is so great, then explain why the United Kingdom has never joined. If the EU is so awesome, then tell me why Russia has never joined. If the EU is so brilliant, then let me know in the comments why Switzerland has never joined. The EU is missing three of the biggest economies in that continent.
Source: Reuters, RT