Borrowers in Ireland face the perfect storm. First, there has been an unprecedented collapse in the financial and property market, with its consequent effect on the economy in general and on the property prices underpinning so much borrowing.
Secondly, the natural process of inflation, whereby a country suffering from such ruinous economic circumstances would deflate itself out of debt, is not available. Borrowers are required to repay loans in the euro currency, which remains generally...
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