I think you put your finger on a key point about the post 2003 Celtic Tiger boom.  Most of the borrowed money which fuelled the boom when on property speculation and speculative development - not on the development of productive assets like wind farms and smarter electricity grids.

If the economy had been directed by true entrepreneurs rather than bansters/financial engineers and property speculators, we wouldn't have had the asset price bubble and crash that we now have - and would be better able to afford any interest costs arising from productive investment.

Index of Frank's Diaries