Irish Times: Irish Economy and Financial System Hangs on a thread.

This is a refreshingly precise and clearly written article by an Irish economics Professor. Morgan Kelly has been very vocal over the years warning us how the Irish economy was built on little more than a house-price bubble. In this article he details how the rushed state guarantees of Irish banks leave the whole state vulnerable to economic meltdown. This depends on the true extent of the banks' bad debts which nobody seems to know. The clarity and simplicity of this article shines through the smog of verbage from politicians and vested interests, it makes it for particularly grim reading.