Pity Ireland. According to the International Monetary Fund, the country faces stresses greater than those of “any other advanced economy”. Having ridden higher than most in the fat years, Ireland has been dropped into a deep hole by the bust. But, still, it is not time to write off the Celtic Tiger.

Ireland’s credit-fuelled boom was spectacular. Between 2002 and 2007, credit to private Irish borrowers nearly doubled. By 2007, houses were reckoned to be the most overvalued in Europe and construction accounted for one-fifth of national output.