According to Finfacts, the debt situation in Ireland is worse than in Greece. At the end of 2013, public and private non-financial sector debt was 499% of GNP (gross national product, which mainly excludes the profits of the significant foreign-owned sector). This compared with 304% in Greece; 300% in Spain; 266% in Italy and 201% in Germany.

The Irish Central Bank said http://www.centralbank.ie/press-area/press-releases/Pages/QuarterlyFinancialAccountsQ42013.aspxhousehold debt was at €166.2bn or €36,203 per capita and at 192% of gross disposable income. This compared with Eurostat data for 2012 of 84% in Germany; 66% in Italy; 123% in Spain; 133% in UK.

Added to the country’s debt problem is the fact that Ireland has a very high level of households where no-one is working or has very limited access to work. Almost 25% of households in Ireland can be described as jobless compared to a European Union (EU) average of 11%.