Celtic tiger burned too brightly

Ireland has agreed to a bail-out by the EU/IMF. The Irish initially resisted the support partly because it rings historical alarm bells about its sovereignty after years of subjugation by the British. But no amount of emotional policital baggage can hide the fact that Ireland lost the plot. At first the Irish economic miracle was a marvel to behold. Eventually, though, things just went too far. House prices doubled and doubled again and greed took over from common sense. The state simply spent too much. This is surprising given the loads of common sense that the Irish appear to have. It is by no means certain that this deal will do the trick. Irish banks are bust and the state is carrying the can. At some point holders of Irish bank debt will have to face reality. A swap of discounted Irish debt for equity is needed. A voluntary exchange would be far preferable to an involuntary default. Of course, finessing this is very tricky. In the meantime, the massive bail-0ut deal will bide the country time. The QSL is from RTE Radio 1. This long-wave transmitter is easily audible in London. I often used to listen to it driving around town. It offers high quality programming. The letter is signed by the legendary Bernie Pope. She has signed many a QSL for our DXing community over the years.