David McWilliams: Now all the stages are set for bloody battle of suburbs
Published 03/10/2012 | 17:00
A NATIONAL debt crisis, such as the one Ireland is now suffering, tends to follow a four-stage pattern. We see these stages playing out in every episode of national bankruptcy -- whether in Latin America, Asia or Western Europe. In Ireland, we are moving towards the third phase.
There is no escaping this pattern because the mathematical corollary of a housing boom is a debt bust. It is only a matter of time.
Now those suggesting that the endgame will be debt repudiation are taking the flak. But it will happen.