When the government of a country continues to borrow money at an appalling rate like Ireland did and as Australia is currently doing, something has to happen!
The population of the Republic of Ireland is less than 4.5 million.
The size of the bail-out of the country is estimated at 85 billion euros, and then some, plus the 50 billion already spent to bail-out the Irish banks, which makes a total of something like 135 billion euros.
So to rescue the deeply corrupt Irish banks, the government is negotiating a 'saviour package' of nearly 20 million euros for every Irish citizen - more like 30 million if you include the 'money' already spent to save the Irish banks that, well, didn't save them.
Eventually it has to be paid back!
Here is how the people of Ireland, not the politicians, will be forced to pay back the huge debt their politicians ran up!
'Ireland unveiled the harshest budget measures in its history Wednesday, a four-year plan to slash deficits by €15 billion ($20 billion) so it can receive a massive bailout from the European Union and the International Monetary Fund.
The austerity plan axes thousands of state jobs, trims welfare benefits and pensions, and imposes new taxes on property and water. In all, it seeks to cut €10 billion ($13.3 billion) from spending and raise €5 billion ($6.7 billion) in extra taxes from 2011 to 2014.
Even Prime Minister Brian Cowen conceded the plan would hurt the living standard of everyone in the nation.'
Read more: Irish Unveil Harshest Cuts, Tax Hikes in History
This is where Australia is heading as the Gilliard Government borrows billions to "give" us roof insulation that, so far, has been the cause of 190 houses burning down and 4 installers dying. School assembly halls that add nothing to a childs education. Now we are getting a high speed broadband network while our farmers that produce our food are being denied water to grow that food.