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Before the bank bust, Ireland had little public debt.
The country's property and bank bust has been compounded by a massive loss of investor confidence (see article).
For many the sovereign euro crisis that has followed the bank bust of 2007-09 served only to prove the arrogant folly of Europe's leaders.
The tumble taken by most of the world's stockmarkets this year may have grabbed the headlines, but to nothing like the extent that a big bank bust would have done.
Already struggling to contain perhaps the largest bank bust in Europe, Ireland has found it increasingly difficult to persuade bond investors that it has the ability and gumption to push through such an ambitious deficit-cutting agenda.
Similar(54)
This weekend's tally of bank busts added another $357m to the bill.
Parents were shocked to find that the festive edition of the mag - usual price £1.80 - is on news-stands for a piggy bank busting £9.99.
The European Union, the world's biggest economic area, could plunge into a spiral of bank busts, defaults and depression a financial calamity to dwarf the mayhem unleashed by the bankruptcy of Lehman Brothers in 2008.
and others aimed at preventing banks from making risky bets with Americans' savings, CNBC personality Brian Sullivan asked her to back his assertion that no law can prevent major bank busts.
Banks – bust.
It suffered no housing boom or associated banking bust.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com