X

Billion Euro Home Is Made from Shredded Remains of 1.4 Billion Euros

Unemployed Irish artist, Frank Buckley, has built an entire apartment from the shredded remains of 1.4 billion euros he borrowed from the national mint. He says the Billion Euro Home is a monument to the madness the single currency brought to Ireland.

In 2002, when Ireland adopted the euro, a wave of cheap credit flooded the country, fueling a huge property bubble that eventually led to the country’s economic downfall. People were spending billions of euros on buildings, but when the bubble burst in 2007, the country plunged into the deepest recession of the industrialized world, and those buildings quickly lost their value. Frank Buckley was one of the many Irish who was given a 100% mortgage by the bank, to buy a home with an estimated cost of €365,000, despite the fact he had no steady income. Now his house on the far reaches of Dublin’s commuter belt has lost a third of its value, and the artist is stuck with the credit.

Read More »