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It is the first time Ireland has experienced a recession since 1983.
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Not a bad track record I reckon. Especially for a country the size and economic clout that Ireland is/has...
And, it mostly appears to be connected to housing and construction, much as ours is in the US. However, I'd judge the *scale* of the recession in Ireland will be somewhat less than that of the US and the Irish are already moving in a positive direction to work things out... Guaranteeing bank accounts rates way up there in my book!
Meanwhile, here in the states it's "pigs and lipstick", business as usual, and no "reliable" relief yet in sight...
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It won't be long, France is just the first domino to fall.
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[EDIT]Sarkozy is already moving. I anticipate a "free for all" to ensue while nations scramble to shore up and save their own economies and skins...