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Meeting the second-in-command
Meeting the second-in-command
Tully meets with Ireland's Tánaiste (or deputy prime minister) Mary Coughlan, the second-in-command of a nation whose economy has ground to a halt. Though the country still has vast potential for exports and could rebound strongly as global growth resumes, the government¹s challenge is to rein in a soaring budget deficit, a legacy of years of profligate spending that was fueled by a tax windfall from the biggest real estate bubble in Europe. When that bubble collapsed early last year, so did the revenue the government was banking on.

NEXT: At the school of Irish presidents
Last updated May 20 2009: 1:53 PM ET
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Ireland's new troubles Dark clouds have descended upon Eire, which has been hit by a housing bubble and the global slowdown. Can the country once again become the go-to place for foreign investors? More

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