The Irish Government needed foreign capital to re-balance their overleveraged economy .
Irish banks , the largest domestic corporate taxpayers , faced insolvency , while Irish public and private debt - to - GDP metrics approached the highest levels in the OECD .
The Irish Government needed foreign capital to re-balance OECD 's overleveraged economy .
Irish banks , the largest domestic corporate taxpayers , faced insolvency , while Irish public and private debt - to - GDP metrics approached the highest levels in the OECD .