Today, in a comment attached to an earlier thread, John Gallaher noted a new article in Atlantic magazine about Irish debt resolution challenges. The article is written in a popular style and may overstate some points, but it includes an interesting comparison graph of Irish mortgage arrears with mortgage arrears in other troubled European nations. The graph (the first one in the article) is entitled Late Stage Mortgage Arrears in European Countries. The Irish Minister of Finance, Michael Noonan, is on record in the Dail stating that the claim that there is any strategic mortgage arrears in Ireland is wholly anecdotal and not based on any in-depth analysis. Can anyone explain this graph without acknowledging some element of strategic behaviour by Irish mortgage holders?
If you want to comment on the Atlantic article, please do so on their comments page so that the article’s author can read them. I just want someone to explain the graph to me, not discuss the article.