Emmet Oliver: Humiliation has been avoided, but not a dilution of sovereignty
Ireland has -- for now -- escaped a full scale bailout, but a large degree of the country's sovereignty may yet be lost as IMF, ECB and EU officials jet in to fix the banks.
Last night's vital EU meeting was something of a victory for Brian Lenihan and the Cabinet. They didn't want a full-scale bailout of the whole economy and they avoided this fate, certainly in the short term.
Talk last week of a giant €60bn bailout package for Ireland was wide of the mark, but that is simply the present position -- things can change quickly and for the worse.