Ireland Bankrupt ?

BBC News: Reports that the cost of bailing out the banks of Ireland has gone up to thirty nine billion pounds, and the debts of Ireland is now 32% of the Gross National Product. My problem with these bailouts is that they never seem to end, the banks seem to be hiding the real debt and only being open when they want money. The Government of Ireland is throwing good money down the toilet, the banks should be allowed to fail, then its over, with the present cases the bailouts never end, even schools and hospitals seem to be at risk, it would be logical to fail the banks and start again. Yes folks there would be pain, a lot of pain, the welfare state are Western Europe has known since 1945 would come to and end, but all good things end, its how they end that matters, throwing good money down the toilet will be a disaster for Western Europe.