

Is Ireland facing an economic meltdown of Icelandic proportions? - dublinclontarf
http://republictigers.wordpress.com/2009/01/17/ireland-the-next-iceland/

======
numair
"But here is the issue, in taking on this bank, the state has now taken on
it’s liabilities. All €30Billion of them. This is now thrown on top of a
€40Billion national dept. Overnight (literally as the takeover order was given
Thursday night) the national dept of the country has nearly doubled, and this
is a dept which our country of 4 million does not have the resources to pay."

I'm too lazy to figure out the debt-to-GDP level this has created for Ireland,
but I imagine it isn't too good.

