Ireland's banking woes could spark another eurozone crisis

One thing that the credit crisis has taught us is that there is no such thing as a bankrupt bank. There are only 'good' banks – and 'bad' banks. Good banks hold all the bits of a bank that are solvent and still work as a business. Bad banks hold all the bits of a bank that would – if it was any other sort of business – render it bankrupt. Ireland already has one bad bank. It's called the National Asset Management Agency (Nama). It's been using taxpayers' money to buy up all the rubbishy bits from the rest of the country's banks. But Ireland's in such a deep hole that one bad bank simply isn't enough.