Do you really think a hedge fund - or any private lender woulds give a credit to the irish banks at 1.75%?

The current negotiated rate for the bailout loan is 5.8%, which looks pretty damn punitive to me - and certainly if you want a country to get out of a depression, loan sharking isn't the most effective way to do it.

Unless you're arguing the case for the loan sharks, of course.

I suppose someone has to.