From Guido Fawkes’ – Iceland Shows the Way Forward for Ireland:
Under this plan 20 cents of every euro of Irish taxes will go to pay the interest on the bank bail-out debts. The Irish bail-out plan will cost €54,800 per Irish household. Ireland’s future thus looks a lot more bleak than Iceland’s path of debt default and a devaluation of 60% two years ago which has the country rebounding: exports and manufacturing are growing by 20%, tourism is back near all-time highs, real wages are rising, unemployment is declining sharply, interest rates fell from 18% to 5.5% and the stock market has rebounded 50% from its lows. In contrast this euro-banker’s bail-out will only burden the next generation of Irish who don’t flee with crushing debts not of their making…
A commenter says this:
Even if one really hates the euro, a “collapse” – would mean a couple of years at least of instability, uncertainty, lack of confidence, would be bad news for everyone[,] apart from people playing the [markets].
To which Guido responds:
What a load of rubbish, Ireland’s biggest export market is Britain, outside the eurozone. There is a decoupling mechanism – it is called taking back your sovereignty.
Ireland and Iceland are two small countries on the West European fringes with many similarities.
When the EU is shafting you it is time to defend yourself.