After seventy years of disappointing economic performance the Republic became one of the fastest growing economies in the world. The Celtic Tiger started in the mid-1990s and boomed until 2001. It slowed down, only to pick up again in 2003. It slowed again in 2007 with recessions in 2009 and 2013 followed by comparative prosperity. The scandal of bank "bail-outs' saw Irelands debt rating go from AAA status to junk status.  Government brought in austerity budgets to repay debt.The Celtic Tiger was brought on by a combination of a rare unity among political parties to impose austerity budgets; a sizeable increase in foreign direct investment; growth in tourism brought on by Ireland's world cup success, five wins in Eurovision, and Riverdance. The building boom, rampant property speculation, and over-borrowing provided the fuel for the economy to almost collapse.

The political result was the shattering defeat for Fianna Fáil in the…