Cost of banks rescue is nearly 40bn pounds

The video discusses Ireland's financial crisis, focusing on the unfinished Anglo Irish Bank HQ as a symbol of the country's economic troubles. It highlights the culture of easy loans that led to a systemic threat to Ireland's financial stability. The government bailout of Anglo Irish Bank is expected to cost taxpayers at least £25 billion, potentially increasing the deficit to 32% of GDP. The video also covers the impact on retail, with high rents and economic downturn leading to public anger and concern. The government's previous predictions of a soft landing were proven wrong, leading to significant economic challenges.

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