Do you think the Recession in Ireland could turn into a Depression?

I mean nobody is spending for obvious reasons. I cannot see how an economy can improve unless people put money into it. For examples shops, hotels, restaurants. But if you have no money you cannot spend it. It is a catch 22.
Also so many people can be unemployed in a country until there is not enough working to substain a healthy economy. Our economy is quite sick as it is. Some people saying that the 80s were worse. There are two major differences this time. They are that the banks are in serious trouble. Yes I know in the 80s people were dirt poor. I was a child at the time. There is one major difference this time in relation to the people. Many people are living off credit. Back in the 80s you lost what you had. This time some people will lose more because they living beyond their means. I do not live on credit and many of you may not either. But the fact of the matter is there are many people who do.

Will the Recession turn into a Depression?

And if not what will prevent this from happening?
Additional Details
That is why I am asking. Obviously nobody can foretell the future. There are endless discussions in the media about the Recession. There are also many discussions among friends and family. Just want to hear an other point of view.