Ireland is a different case (10-y spreads above 600 bps):   Always obeyed to the Stability and Growth Pact: Fiscal surpluses instead of deficits;    Problems arouse from overextended financial sector hit by a housing bubble;    Mistake in crisis management: state guarantee of whole banking sector;    Public debt exploded fourfold within 3 years (from around 25% in 2007 to almost 100% in 2010);    Under rescue umbrella of EU/IMF: 85 bn EUR.
Other countries not comparable: (10-y spreads only around 200 to 400 bps)   Portugal: problems less severe and different: competitiveness but no housing bubble! Nevertheless, meager growth prospects and high interest rates make Portugal susceptible to refinancing risks.