Presh Darl

One of the World's Richest Nations; Ireland

The bursting of the U.S. housing bubble in 2007 had a significant impact on Ireland. With the largest real estate bubble globally, housing prices plummeted by 56 percent, leading to widespread defaults and bank crises. The Irish economy shrank by almost 25 percent, and the country was on the verge of total collapse. However, a bailout from the IMF worth 67 billion dollars helped prevent a complete economic breakdown.