Following a link at irisheconomy.ie leads to this rather depressing but in a weird way refreshing summary of our economic situation & prospects on Naked Capitalism:

Trouble looms in Ireland after debt cut two notches and deficits soar naked capitalism

Note the comments beneath it from one "Vinnie G":

"it sounds very much like Spain, another not-so-long-ago Third World nation that was artificially catapulted to First World status based on handouts from abroad, while the 19th century mentality of the country remained unchanged. Your Ireland does reflect a 19th century mentality, and that is nothing to be proud of in the 21st century.... Simply put, what is now happening in Ireland and Spain is the effect of market forces lowering these countries to their proper respective stations. You are now being downgraded to your rightful Second World status."

A bit close to the bone, but there's certainly a lot of truth in it. Pretty easy to identify with Vinnie's other comment, though:

"You know, I live in Chicago, a city full of Irish American citizens who came here at a time when starvation was rampant in Ireland largely due to mismanagement, stupidity, and corruption. To me, it does not sound like much has changed".