Not defending the super-rich, but a lot of Irish debt is networked: people in their 50s and 60s used their homes as collateral to give their children a deposit to buy a home, and/or to put money into a modest private pension. These debts are now forever around their necks, the pension funds have crashed (this is only in the private sector, of course), the homes that seemed a sound investment are as worthless as leaves blown in the wind.
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