http://www.marketwatch.com/story/ireland-bailout-deal-near-reports-2010-11-28What a brilliant idea.
Borrow more money in an attempt to solve the problem.
I think I just heard another domino fall.
Germany's gov is starting to catch on though.
'The size of the bailout package is staggering. The population of the Republic of Ireland is roughly 4.5 million. $112 billion USD across 4.5 million people works out to approximately $24,900 USD per person (or close to $100,000 USD per household of four persons).
To give this even greater perspective consider what a bailout package of $24,900 USD per person would look like for a country like the United States. Across 310 million people (ie, the US population) such a package would represent more than $7.5 trillion USD in loans. For further reference the total US National debt is presently around $13.8 trillion USD.
So, by agreeing to these bailouts the government of Ireland has essentially saddled their people with an ADDITIONAL debt load that (on a per capita basis) is equal to half the US National debt (on a per capita basis). It will take the people of Ireland generations to pay off this debt (if they ever do). The banks fronting these loans must be rubbing their hands with glee at prospect of all the money (interest) they will earn off the backs of the Irish.'
