Ireland as a warning to others?

On the reasonable assumption that the EU/IMF are fully aware that an interest rate of 6.7% will destroy what’s left of our economy there can only be two reasons for such an imposition.

It’s the first shot in a negotiating process.


The EU/IMF have decided that Ireland is expendable, that it’s economic and social destruction could serve as a useful warning to countries like Portugal and Spain to get their act together.