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If the UK etc didn't practice due diligence in assessing the creditworthiness of the Irish government when there were obviously questionable deals happening - and no one sane is going to argue that taking on the private debt was a necessity - the foreign banks shouldn't be surprised by a haircut.
Of course they were loan sharking and profiteering. So sympathy will be in short supply.
Internationally, they can't do much to a sovereign state except kick Ireland out of the Euro - which will be threatened, but isn't likely in practice - and refuses to lend in future.
As Jake says, their idea of future times out after 18 months or so, as Argentina, Russia, Iceland and others have proven already.
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