Cost of Bail Out Anglo Irish Bank Sky Rockets

The cost of Ireland's bank bail out is set to reach €34bn ($46 billion) as the central bank on Thursday announced additional capital injections for Anglo Irish Bank and other institutions, putting the budget deficit on track to hit ten times the European Union guidelines for eurozone members.

The bail out costs will lift the fiscal deficit from the planned 11.75 per cent of gross domestic product in 2010 to a spike of 32 per cent, compared with the 3 per cent Maastricht treaty guidelines used by eurozone members.

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Well I told you so is just about the right statement that is in order here although I would like to hear from some ATS members who are more on the scene before passing my judgement on this story . It looks like that the Anglo Irish Bank is a Zombie * that can only survive off further hand outs from the Irish government .
What else could be the result of the Bail Out of a failed institution such as we are seeing here ?
I don't see how the Irish economy can sustain such debt levels .

Even if the Bail Outs don't bankrupt much of Europe it will have put many country's in an economic straight jacket . At best no money will be available to cushion people from the worst of the economic effects .

* The experience in Japan in the 90's was that bail out firms became zombies who could only keep going at the expense of the tax payer . Eventually those firms had to be allowed to fail before any kind of economic recovery could take place ,