It is absurd to declare that one of the most prosperous countries in the world is going to be suddenly rendered into a country of subsistence farmers (like China, Brazil, or India) because of a real estate bubble.
Hear, hear! I get flyers in my door all the time talking about "fast broadband" where fast == 1-3Mb. I'm moving soon and will be switching to NTL (cable) and getting 10Mb/1Mb for less money. Death to Eircom and their €26/mo line rental charge!
On the other hand, this is probably one of the last countries in the world where you still pay more than 50 euro's per month for 1Mbps ADSL.