Can Ireland Be Saved?
Image via WikipediaIreland should not be in the mess it’s in. It made no sense to guarantee bondholder losses, even if we could afford the guarantees. But we never could afford the guarantees, and now we’re stuck in a spiral of ever-increasing, never-repayable debt. Rather than a sovereign people, we are now tenants, living in an estate that is in hock to the bondholders. The IMF loans us, at interest, just enough to subsist on, while the bondholders are proceeding to liquidate our national assets and take home the proceeds.
Image via WikipediaIreland should not be in the mess it’s in. It made no sense to guarantee bondholder losses, even if we could afford the guarantees. But we never could afford the guarantees, and now we’re stuck in a spiral of ever-increasing, never-repayable debt. Rather than a sovereign people, we are now tenants, living in an estate that is in hock to the bondholders. The IMF loans us, at interest, just enough to subsist on, while the bondholders are proceeding to liquidate our national assets and take home the proceeds. 
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