Anti-austerity movement in Ireland

Quick Facts: Who was Anti-austerity movement in Ireland?

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Anti-austerity movement in Ireland

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A period of major social unrest in Ireland protesting economic austerity measures post-2008.

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2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The anti-austerity movement in Ireland saw major demonstrations from 2008 (the year of the Irish economic downturn) to 2015. The protests began during October 2008 after the Fianna Fáil–Green Party coalition of the 30th Dáil oversaw the implementation of the bank guarantee, and were given further impetus by the late 2010 intervention of the European Union/European Central Bank/International Monetary Fund troika and the collapse of that government early the following year. Protests continued during the Fine Gael–Labour coalition of the 31st Dáil. The post-2008 Irish economic downturn coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international 2008 financial crisis greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s.

Pivotal Works & Achievements

Emigration, as did unemployment (particularly in the construction sector), escalated to levels not seen since that decade. The Irish Stock Exchange (ISEQ) general index, which reached a peak of 10,000 points briefly in April 2007, fell to 1,987 points—a 14-year low—on 24 February 2009 (the last time it was under 2,000 being mid-1995). In September 2008, the Irish government—a Fianna Fáil-Green coalition—officially acknowledged the country's descent into recession; a massive jump in unemployment occurred in the following months. Ireland was the first state in the eurozone to enter recession, as declared by the Central Statistics Office (CSO). By January 2009, the number of people living on unemployment benefits had risen to 326,000—the highest monthly level since records began in 1967—and the unemployment rate rose from 6.5% in July 2008 to 14.8% in July 2012.

Enduring Legacy & Impact

The slumping economy drew 100,000 demonstrators onto the streets of Dublin on 21 February 2009, amid further talk of protests and industrial action. With the banks "guaranteed", and the National Asset Management Agency (NAMA) established on the evening of 21 November 2010, then Taoiseach Brian Cowen confirmed on live television that the EU/ECB/IMF troika would be involving itself in Ireland's financial affairs. Support for the Fianna Fáil party, dominant for much of the previous century, then crumbled; in an unprecedented event in the nation's history, it fell to third place in an opinion poll conducted by The Irish Times—placing behind Fine Gael and the Labour Party, the latter rising above Fianna Fáil for the first time. On 22 November, the Greens called for an election the following year. The 2011 general election replaced the ruling coalition another, between Fine Gael and Labour.

Chronological Milestones & Life Events

1. 2007: 2007 Milestone — The Irish Stock Exchange (ISEQ) general index, which reached a peak of 10,000 points briefly in April 2007, fell to 1,987 points—a 14-year low—on 24 February 2009 (the last time it was under 2,000 being mid-1995).
2. 2008: 2008 Milestone — The anti-austerity movement in Ireland saw major demonstrations from 2008 (the year of the Irish economic downturn) to 2015.
3. 2009: 2009 Milestone — By January 2009, the number of people living on unemployment benefits had risen to 326,000—the highest monthly level since records began in 1967—and the unemployment rate rose from 6.
4. 2010: 2010 Milestone — With the banks "guaranteed", and the National Asset Management Agency (NAMA) established on the evening of 21 November 2010, then Taoiseach Brian Cowen confirmed on live television that the EU/ECB/IMF troika would be involving itself in Ireland's financial affairs.
5. 2011: 2011 Milestone — The 2011 general election replaced the ruling coalition another, between Fine Gael and Labour.

Historical Fact-Check Quiz: Anti-austerity movement in Ireland

True or False: “The anti-austerity protests were solely focused on opposition to the European Union's financial intervention.”

Answer (FALSE ❌): While EU/ECB/IMF involvement was a major catalyst, initial protests also stemmed from domestic issues like proposed income levies and medical card changes.

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