The Taoiseach Enda Kenny says greed, spawned by people going mad borrowing during the celtic tiger years, was responsible for the economic collapse in Ireland.
Enda Kenny's told the World Economic Forum in Davos that the extent of personal wealth - created on credit - led to the arrival of the IMF.
He's also blamed the incompetence of some Governments, a lack of focus, and inter-governmental wrangling over national issues, for the extent of the crisis crippling Europe.
Enda Kenny said markets have no trust in Europe as a result.
And he was very clear as to the cause of Ireland's current economic difficulties:
But Sinn Fein has slammed the Taoiseach for suggesting that Irish people who went mad borrowing - were responsible for the economic crisis here.
The party says Mr. Kenny's remarks are outrageous and show no understanding of the cause of the problems in Ireland.
Sinn Fein's Padraig McLoughlainn says the Taoiseach has blamed Irish people rather than wreckless bankers for the crisis: