Capitalism without bankruptcy is like Catholicism without hell. Although he didn't say as much, this is what Mario Draghi meant when he announced this week that he was prepared to see banks go bust in order to clean up the balance sheet of Europe's ailing banking system.
This means that Ireland, even if it exits the bailout, is still, if not quite in purgatory, then at least in a limbo-like state, because it is almost...
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