http://www.businessandleadership.com/leadership/news/article/23189/
Gurdgiev also said that Ireland’s property bubble implosion is set to continue for some time: “Asset bubble crashes last longer than our policies anticipate. The OECD average is 10 quarters of credit busts for 18pc average contraction and 19 quarters of house price falls for a 29pc average price decline. Ireland’s bubble of a 60pc decline in credit supply implies 33 quarters of credit contraction and our 50pc house price fall implies 33 quarters of price declines.
“We are currently roughly 10 quarters into these twin crises,” he added.
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