The current bad luck of the Irish

If like me you are puzzled as to:

• Why the Irish need a financing package now when they don't need to borrow for at least another 6 months?
• Why adding more debt on top of bad debt makes things better?
• Why bondholders of failed banks don't get forceably converted to holding equity and original equity holders get nothing?

Then take a read of the this article from the FT. We live in interesting economic times.