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The Unbelievable Truth About Ireland And Its Banks

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Unless something unexpected happens in the next 24 hours, the total amount of additional capital that will need to be injected into these banks will be a bit less than 35bn euros - including 8bn euros that was supposed to be injected into them at the end of February, but was postponed because of Ireland's political turmoil.

Anyway, let's assume that the total amount extra that these banks need is circa 30bn euros. That would take the total quantity of state investment in Ireland banks to a breathtaking 75bn euros (actually a tiny bit more than that).

That is an almost unbelievably large number. When I think about it, I have a small panic attack - because it represents 45% of Ireland's GDP and 55% of its GNP.


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As ever some of the comments are more insightful than the article itself and frankly seem better informed...

One even lists the other potential problems that face Ireland's banks and suggest that we have yet to see the worst of it which lets face it is the way events have gone.

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The children of Ireland are getting royally screwed by all this.

I was going to say that they should move abroad, but most countries I could suggest also have high levels of public debt racked up by the greed of previous generations, done long before the banking crisis took hold.

Ireland had been balancing its budget and behaving relatively responsibly until this banking mess, from what I have read. Now, the children are going to be paying for this mess, just like all the other states which have failed the future generations. By making so much private debt public, they have paid for the current folly with the sweat of the yet to be born. It's rather sad really... :(

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