Iceland stood firm and so should we
We, the Irish people, do not have to pay the debt of foreign banks. We didn't borrow the money. There is another way.
Iceland had the same problem. They were told they needed the IMF but they stood firm and the people refused.
They refused to pay the private debt of the banks. As soon as the market saw the rotten banks were gone, another good bank lent them money and this year Iceland has 3pc growth in its economy.