Born in 2008

The financial crisis hit, and Ireland's bubble burst with shocking speed. The banks were exposed as catastrophically overleveraged. In September, the government guaranteed all Irish bank liabilities — one of the most consequential decisions in the state's history.

The construction industry collapsed overnight. Unemployment began to rise rapidly. Houses that had sold for €500,000 were suddenly worthless.

The Celtic Tiger was dead, and the hangover was going to be terrible. Ireland had partied hard and the bill had arrived.