When Ireland lost access to the markets, the availability of borrowed funds depended on the foreign official lenders. They have authorized sufficient funds for what has to be described as a rather gradual glide-path  3  4  Almost all of the unguaranteed senior bonds of IBRC have now been repaid.
BIS central bankers’ speeches  of the Government deficit, certainly relative to the alternative of no access, but also relative to what is being implemented in other countries such as Britain, Spain, and the US, despite the much lower debt ratios in those countries.