Portugal and PIGS: Main Lessons of Economic Recovery

... data available for Ireland. ** The lower the labor regulation level, the lower the index. Source: http://www.wiwo.de/politik/europa/euro-krise-banco-de-portugal-ist-pessimistisch/9903074.html Why have these countries joined Portugal in overcoming the crisis phenomena? Ireland fell victim to the real estate boom propped up by cheap credit at a relatively high inflation rate: in 1996-2006, real estate prices rose by 400 percent . Eventually, though, the bubble burst, with prices dropping dramatically, mortgage securities ...