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Not that long ago, the Republic of Ireland was being heralded as a Celtic Tiger, with a booming economy, a massive house price bubble and a rising population as people returned home to Ireland to join the boom. But all that seems a long time ago now as the government announces a bail-out plan that will give the Allied Irish Bank and the Bank of Ireland 2 billion Euros ($2.8 billion dollars) each in return for preference shares. In the case of Allied Irish this amounts to nationalisation as the government will have 75% of the voting rights.