From Christopher Quigley in Irish Central – Debt is so large that default is the only option for Ireland:
It is time to come clean about the true nature of Ireland’s debt.
As Damien Kiberd in the Sunday Times recently stated: “We are creating a debt crisis from which Ireland may never recover.”
… the nature of the disastrous banks guarantee granted by Fianna Fail in Farmleigh in 2008 means that Irish debt obligations have in effect exploded.
This is the main reason why Ireland Inc. is being shunned by foreign banks: our reliability ratings have collapsed.
… 66% of all future taxes must be earmarked to fund the “real” debt exposure. This is the true picture of the Irish financial catastrophe.