Europe's solution to debt is more debt
Our best option, however, is to reduce the value of our debt by getting the eurozone to print more money, writes Stephen Donnelly
The good news: Ireland got some much-needed relief in the cost of borrowing. The bad news: between the banking debt and our real sovereign debt, our total national debt is on its way towards €200bn -- about €140,000 per household.
The relief is welcome, but it won't solve the fundamental problem: our total level of debt is simply too big.
The European response to this problem, to date, has been to try to solve a problem of too much debt with more debt. It's like a bad joke: A man walks into a bank. "I can't pay my mortgage," he says. "No problem," says the bank, "we'll lend you the money to pay it."