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Belgium had a debt of 115.5% to gdp in 1996 and 73,3% in 2007. So there is real example not that far away.
That was the growth phase of the business cycle. What's being demanded of Ireland is to cut the deficit now in the middle of a recession.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 12:42:13 PM EST
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