Jakesuper take a look at Irelands external debt to GDP. What’s your view on external debt? To me in these times a lot of it should I don’t think it’s absurd to imagine that a quite big chunk of it will be transformed into national debt when those assets are liquadated. I’m not sure why not more people are worried about it. At least those with big exposure to the PIGS. As you can see the external debt explodes as soon as banks are nationalised.