One often forgotten element to the massive debt pile Ireland must pay is the overall interest payments we must fork out each year. Ireland has two dual problems. The first is a sovereign debt crisis (which requires cash transfers from the EU-IMF in return for austerity programmes promising to restrain spending). The second is a banking crisis (which requires government guaranteeing major banks and paying bank debt in full to get the credit market flowing again without heavy penalties).
Here are the figures: