In fairness to Cowen he at least tried to stave this off, but to no avail, the ridiculous policies of the Republic have had us relying on an unrealistic unending boom. We are no self sufficient superpower we could not realistically do well all the time, Ireland is too small with few natural resources to believe this realistically.
Projected estimates, (as reliable as they ever can be, heh) show Ireland to be in a worse off situation then Greece, the only benefit is Ireland has been relatively stable socially and politically. Europe will force us to accept the bailout lest Ireland ruin the European economy single handedly. I wonder what it'll feel like to have been literally 'bought' as a nation.