Ireland's latest round of stress tests revealed that Irish banks continue to bleed money. Fresh losses and write-downs at the country's biggest banks led the central bank to call last week for €24 billion in capital injections. This could bring the total cost to Irish taxpayers of propping up the banks to €70 billion, or more than half of its GDP. As for the owners of Irish bank debt, their losses still amount to . . . zero.

Irish lawmakers promised this would be their fifth and final attempt to find the bottom of their country's...