It looks like we haven’t finished paying yet according to David McWilliams.There are going to be EU stress tests next year for the banks and banks will be allowed to go bust unless the local taxpayers stump up the money for them.

Each taxpayer in Ireland has been landed with debts of €21,000 which our Governments volunteered us for in order to make sure that German and French banks who made bad decisions to loan Irish banks money to give 120% mortgages to people who had shown no previous ability to save, got a refund for their bad investment decisions.

They say you don’t get fooled again. That doesn’t appear to be true.

David McWilliams explains what’s coming up for us in an excellent article here.