Ireland's exchange traded fund (
) has continued to struggle, but the country's citizens are more
evenly divided on the direction of their economy.
Standard & Poor's recently downgraded Ireland's debt, but in
a poll, 53% said that S&P was being overly pessimistic about
says Graham MacKay for
International Business Times
iShares Launches Ireland ETF.
But S&P's downgrade didn't come without reason. Ireland
suffered mightily after the financial meltdown that affected the
globe hit their banks.
Landon Thomas Jr. for
The New York Times
Ireland also was the only country to take such a direct route in
tackling the problem, by quickly recognizing the bad loans of its
devastated banks and transferring them to the government's books. [
Europe's ETFs Riding High; Will It Last?
Now Ireland's struggle to cope with its mounting bank losses
could be a sign of things to come in Europe.
Louis Fahy for Bloomberg reports that
proof of the hard hit Ireland took in the wake of the financial
meltdown can be seen in The Glashaus hotel, which used to be a
symbol of the regeneration of one of Dublin's toughest
Europe ETFs: Who's Hot, Who's Not?
Creditors have taken control of much the area and hotels are
abandoned. At least 200 hotels opened during Ireland's decade-long
economic boom, and some establishments cut their losses and shut,
while others are lowering prices to stay in business and avoid
repaying tax breaks if they were to close.
iShares MSCI Ireland (NYSEArca: EIRL)
faces an uphill battle and new challenges keep unfolding.
Tisha Guerrero contributed to this article.