It was not meant to end like this - especially if you rely on the major right-wing British political blogs for your economic and political analysis.
Ireland was hailed as the poster child for stark austerity measures that Britain - under its previous government at least - was too weak-willed to adopt.
We were told very clearly that this would mean a spectacular Irish economic bounceback, not the next major financial and economic crisis.
Was it only eleven months ago that Guido Fawkes blogged that:
The budget Britain needs was delivered in Ireland
By coincidence here in Ireland it was also budget day, the Finance Minister Brian Lenihan delivered a 7% cut in public expenditure to match the 7.5% fall in GDP in 2009. To equal that Alastair Darling would need to have announced £40 billion in public expenditure cuts today.
Here are some of the reasons Guido thinks Ireland will bounce back faster than the UK ...
Paul Staines, founder of the Guido Fawkes blog, had the advantage of local knowledge. His view was heartily endorsed by Iain Dale, also seeing Irish austerity as the most important model for George Osborne.
Guido is right. The PBR the British Chancellor should have delivered, was delivered yesterday in Dublin. Hopefully George Osborne is studying it in great detail.
The think-tank Reform shortlisted Irish Finance Minister Brian Lenihan as "reformer of the year", for getting to grips with his country's deficit.
Daniel Hannan made a similar point three months later, arguing that Alastair Darling should follow Lenihan's household analogy for rejecting Keynesian stimulus arguments.
In our everyday lives we do not borrow to pay for our household bills. We cut back and seek to live within our means. The same strictures apply at national level.
(Hannan stands by that, blogging yesterday that he still thinks the Irish 2009 budget was one of "brave and necessary cuts", but that they can't bring a recovery while the country remains in the euro. And Hannan does deserve credit for being willing to respond to Next Left's earlier inquiries about whether he had changed his mind about advocating Icelandic deregulation following that country's economic collapse).
There are differences between the Irish and British economy. But, remember, what the main right-wing blogs argued was both that the austerity measures were right for Ireland, and the most important model for Britain, so I am not sure this is a persuasive counter-argument for those who made those arguments.
So, in the spirit of intellectual inquiry, we would put three questions for Guido Fawkes and Iain Dale.
1. Do they think they were wrong about Ireland? With the benefit of hindsight, is there anything they might now change in their advocacy of Irish austerity, or does the argument still basically stand up?
2. Has the experience of Ireland over the last year led them to change their mind about any important issues? Does it support the argument that deficit reduction strategies need to balance different risks?
3. Having been clear that there were important lessons from Irish austerity a year ago, would they identity any lessons for the British economic recovery from what has happened since?
We will happily publish or link to any responses here, and invite further debate and responses on what we can and can't hope to learn from the Irish predicament.