New plans to deal with personal debt have been announced by the Irish government. A new state insolvency service has been set up to try to broker deals between debtors and lenders. That could force those in mortgage trouble to give up their cars, private health insurance and holidays and feed themselves on 8 euros (£6.80) a day. The period of bankruptcy will also be reduced from at least 12 years to just three. The measures are part of an overhaul of Ireland's antiquated bankruptcy laws. They are in response to a stalemate that has developed in Ireland between banks with rising mortgage debts and borrowers unable to meet their repayments, which the IMF says threatens Ireland's prospect for economic recovery.......Read more here