Lenihan's masterstroke has bought us time to sort out our own problems
We are not out of the woods by any stretch of the imagination. Indeed, some Irish banks have been so recklessly managed they hardly deserve to be covered by the guarantee
Finance Minister Brian Lenihan has made a wise choice. By coming up with a unique, Irish plan -- guaranteeing all deposits -- instead of importing a failed solution from abroad, he has instilled confidence in the Irish financial system.
Most importantly, Irish banks are now safe. This is the single most crucial upshot of yesterday's move.