Neither a borrower nor a lender be.

This is what is now happening with the rescue operations of Ireland and Greece. Irish politicians and many commentators have heavily criticized the high interest rates (close to 6%) the European Financial Stability Fund (EFSF) has imposed on the €67 billion loan it will provide to the country. This interest rate is far greater than the growth rate Ireland can hope for and will thus lead to a snowball effect under which high interest payments increase the debt burden faster than the capacity of the Irish economy, and thus its government, to create the resources to service this debt.