"But here is the issue, in taking on this bank, the state has now taken on it’s liabilities. All €30Billion of them. This is now thrown on top of a €40Billion national dept. Overnight (literally as the takeover order was given Thursday night) the national dept of the country has nearly doubled, and this is a dept which our country of 4 million does not have the resources to pay."
I'm too lazy to figure out the debt-to-GDP level this has created for Ireland, but I imagine it isn't too good.