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all of the uk s exports. and 1 % of irish exports are actually sold to britain. that just illustrates the reciprocal relationship here. facing a three-year decline following a property market crash and banking crisis, ireland, of course, as we all know is mired in debt and it s also the recipient of a european bailout. the question is what caused ireland s sharp decline? fingers are pointing at the boom that went spectacularly bust, particularly in the housing sector. cnn s donna magnate has that part of our story from the irish town of mullengarr. reporter: building materials abandoned beside derelict homes. no one s visited these show homes in years, not since the property bubble burst three
aftershocks, japan enters recession for a third time in a decade. as industrial output freefalls and consumers hold on to their cash. and the crumbling foundations of a failed property market. we ll look at the wreckage left behind by ireland s housing crisis. facing multiple charges of sexual assault in the united states, the managing director of the international monetary fund has resigned. dominique strauss-kahn tendered his resignation just a few hours ago in a letter to the imf. in it he writes i want to protect this institution which i served with honor and devotion and especially, especially, i want to devote all my strength, all my time and energy to provingmy innocence. in his statement strauss-kahn strenuously denies the allegations against him that alleged he sexually assaulted a maid last saturday at a new york hotel. he s still in a new york jail, his lawyers are going to court later on thursday to ask for bail. he s offering to post $1 million to stay in man