I side with the Irish journalist in the video [above]. He is rightly indignant that the Irish didn’t take the Icelandic route. That the Irish risked bankrupting the state was obvious almost from the beginning of the crisis. There is ZERO reason for the Irish people to bail out foreign creditors of a DEFUNCT Irish bank. The Irish government should repudiate their obligation to these bank debts as I have said many times before. Nonetheless, there is a kernel of truth in what Masuch says. The reality is that the Irish government had to make a difficult decision in determining whether to go the Swedish route or the Icelandic route. I think they made the wrong decision.
— Edward Harrison in Why are Irish taxpayers bailing out unsecured bank creditors ? | Credit Writedowns