I noticed this line in the articled..
“Indeed, over the past decade, Greece, Ireland, Portugal, and Spain all ran up extraordinarily large budget and balance-of-payments deficits that will be extremely difficult to correct without their own separate domestic currencies.”
While that may be true of Portugal and Greece it’s not true of Ireland at all they were doing fine actually better then Germany, France, etc. until they were forced to take on the banks bad debts.
On a side note I think the Irish would be better off opting out of their New World Order European Union and in any case I don’t think it is our responsibility to bail them out again.
Why the Irish Crisis is Going Global
“And its public debt, about 65 percent of GDP, is far below Greece’s crushing load, which is 126 percent of GDP. Ireland’s debt levels are even lower than those in France, Germany and the United Kingdom.”
in full
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
Up to €50 billion—nearly $50,000 for every household in the Emerald Isle
http://online.wsj.com/article/SB10001424052748704506404575592360334457040.html
Ireland’s Debt Servitude
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100008812/irelands-debt-servitude/
Very true, and Ireland will probably be fine. The problem is that the Irish are small fish in the Euro system. Italy and Spain are huge fish.