Worried about the debt?  They will pay off the debt, in part, this way:

“Iraq to spend $13 billion on US arms, equipment”

The oldest trick in the book…

And you will find that the austerity measures – i.e. shifting the repayment of the debts back onto the taxpayer – will allow bond markets to buy up this debt over the next few years as it reprices, therefore returning well, i.e good buying:

“Cameron Austerity makes UK debts world beater: credit markets”

This is a political question, as much as anything else.  The rentier class simply cannot have the collection of the rent exposed to the taxpayer.

This link, from the New York Times, “In Ireland, dangers still loom”. An absolute must read.

Note the politics.  It condemns the Irish taxpayers to decades of hardship once again.  There will be debt ramifications going forward, such news when it breaks will bring lows in world stock markets going forward.  As long as these lows going forward are higher lows on the monthly charts, well then you should by now, know what this means.  The remainder of this year will tell us.