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That national bankruptcy means either government debt is far greater than government revenue or government debt is far greater than GDP. General speaking, since it was considered to be caused by high welfare policy which is the support of people's good life. This is often seen in most of western countries. This is also a long war due to maintain the people's living standard such as Iceland. There is a long-term welfare policy in most of western countries while the national output are not very big.
Comparing the financial history of the events leading up to the financial crisis of both Iceland and Ireland
Ireland Financial Bubble Burst
Among the countries currently experiencing sovereign debt crises, Ireland’s case is perhaps the most dramatic. Over the past decade, Ireland has made remarkable economic achievements which created a record of continuous growth miracle. From 1996 to 2007, average annual economic growth rate of Ireland was 7.2%, which won the "Celtic Tiger" reputation. After several years of development, according to per capita GDP, Ireland became the second wealthiest country in a comparison of European Union countries, after Luxembourg. One of major factors to drive rapid growth economy of Ireland is high-tech development. Since the mid-20th century, the Irish government put great emphasis on high-tech development, implementation of the strategy of reinvigorating the Ireland with science and technology, which laid the foundation of the Irish pharmaceutical and chemical companies as well as communication and information competitiveness. Whether the export or to attract foreign investment, the Irish are also eye-catching performance, which contributed to economic growth. But there are some bad. Real estate bubble is the initiator of the debt crisis in Ireland. With the real estate bubble burst, coupled with the impact of the...

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