The Irish currency is the only one in the world to be in a downward spiral as the global economy continues to weaken.
Inflation has soared to more than 40 per cent, and consumer spending is plummeting.
In Ireland, which has the lowest interest rate in Europe, the Bank of Ireland has been forced to take drastic action.
Ireland is in the throes of a financial crisis that has left the Irish economy in the red.
It is also a country that has long had a reputation for being one of the worlds largest creditors.
The International Monetary Fund (IMF) has warned that Ireland will run out of cash by early 2019, with the country in the midst of a debt crisis that is costing it more than $1 trillion.
“The Irish economy is in a dire state,” said Liam O’Dwyer, chief economist at IHS Global Insight.
“If the Irish government continues on its current path, the debt burden will spiral out of control by the end of 2019.”
It will become a serious concern for the country and its creditors.
“According to IMF figures, Ireland has the highest debt burden in the developed world at $1.9 trillion, just below Brazil ($1.96 trillion), Spain ($1,998 trillion), Italy ($1 and a half trillion), and Greece ($1 trillion).
Ireland has the world economy’s second highest debt-to-GDP ratio, behind Brazil.