• I am reminded as Europe slides further into debt of the words of Ernest Hemingway: "Bankruptcy starts slowly at first, then all of a sudden."
After almost three years of a slow-motion car crash, we are now reaching the end-game. Ireland is not without options. We can default on our debts, balance our books, and go it alone. We can keep a foot in the European camp and the British camp and watch for developments.
We can buy into further integration of the European project, giving fiscal policy control to Germany and France. The fourth option is sit on our hands and wait for the storm to pass. No amount of heads-of-government meetings, press releases or landmark speeches will cure Europe's ills.