The ratio of Irish debt/GDP is now 100% and approaching an unsustainable 120%. Now each 1% point reduction in the interest rate the Irish pay the European Central Bank for their bailout loan cuts their long term debt load by 0.4% of GDP. But, every 10% reduction in unsecured, unguaranteed bank debt equals 1.3% of GDP. So bet on investors in bank debt taking an unplanned haircut.