Just been reading about Ireland lately and stumbled over some contemporary issues dogging them them.
After a huge round of budget cuts last year Ireland is desperately applying to the EU rescue fund to cover the bills for the next four years. Even then they are projecting they will cut another 15 billion over four. The banking sector there took 50 billion to bail out.
Manuel Barroso at the EU indicated that money was available from the 440 billion sovereign rescue fund. There's always a price attached to this sort of money. This generally manifests itself in the bond market elevating bond yield prices.
Effectively the country is going to be bled dry. It'll happen in at least three other states: Portugal, Greece, Spain. I can't see this accomplishing anything less than forcing mass emigration from these places.
The difference in price is demanded by investors (Germans mainly) who are charging a premium to hold Irish bonds instead of Bundesbunds. It almost makes London and Westminster generous historically speaking.