A couple of professors from the University of Limerick just published a study, “An Audit of Irish Debt.” The numbers are really shocking. Total debt is €370.1 billion. If my cancelling of the zeros is right, that works out to roughly €90,000 for every soul in this country. And if you apply the debt to just those who are working, that turns out to be €730,000 for each employed person in Ireland.

So there you are: stuck with a big mortgage, up to your eyeballs in negative equity, your wages are being cut and taxes/levies have gone up — and now you find out that you owe nearly three-quarters of a million Euro so that the bankers can be bailed out. Fingers Fingleton is still ducking and diving, Sean Fitzpatrick is on the golf course, and David Drumm is on the run. Not a single waster has been brought to book — and you’re saddled with debt that your great-grandchildren will be repaying. Had enough? Let’s see what David has to say…

For more, read: http://www.debtireland.org/resources/publications/an-audit-of-irish-debt/

John Shanahan
Drogheda