Bankrupts come in from the cold

In Ireland, we have faced an impossible dilemma. First, we have been caught up in one of the largest-ever real estate crashes. This has been compounded by the banking collapse, the ongoing recession, and the austerity measures blindly used to treat the problem.

Secondly, our debts are measured in euro. While the euro is our currency, it does not reflect the Irish economy in any meaningful way. If our debts had been in ...