We're sunk: Ireland's top economist says bank losses make bankruptcy 'inevitable'

Just been reading the following on The Daily Mail website:

"Ireland will be forced into national bankruptcy because of the soaring losses in its stricken banking system, the country’s leading economist has warned. Professor Morgan Kelly predicted that Ireland would follow Greece in seeking a humilating bail-out from the European Union due to a £60.3billion (€70billion) blackhole in its financial system. But Prof Kelly, an economics professor at University College, Dublin, believes that Brussels will force Dublin to pay such a high price that it will 'inevitably' default on its loans. The EU wants to 'make an example' of Ireland so that debt-laden Spain and Italy won’t seek the ‘soft option’ of a EU rescue package, according to Prof Kelly. 'Our debt will rise faster than out means of servicing it and we will inevitably face a State bankruptcy that will destroy what few shreds of out international reputation that still remain,' he argued"

Now I have no reason to disbelieve Professor Morgan Kelly... but is it really necessary for the smartarse b*st*rd to put the boot in? Do the Irish people really want to be reminded that their country stands on the verge of being f*cked?? I've always thought that the more so called experts heap on the doom they actually compound the effect - people are understandably scared and they stop spending and the economy collapses.

Rant over.