Economy

The nationalisation of Anglo Irish Bank is an indication of the abject failure of the Fianna Fail and Green government to deal with the banking crisis, but also that the crisis has reached a new and dangerous level. In the wake of the nationalisation, the shares of the two main banks, Allied Irish Bank (AIB) and Bank of Ireland (B of I), plummeted.

By Stephen Boyd, Editor, the Socialist

2008 will be remembered for the credit crunch and world financial crisis. But as 2009 begins we can safely predict this year will be remembered as the year when the "real economy" of countries all around the globe went into meltdown.