Despite its strenuous efforts, Ireland has been thrust into the same ignominious category as Portugal, Italy, Greece and Spain. It now pays a hefty three percentage points more than Germany [!!!] on its benchmark bonds, in part because investors fear that the austerity program, by retarding growth and so far failing to reduce borrowing, will make it harder for Dublin to pay its bills [I.E. INTEREST PAYMENTS] rather than easier.

Other European nations, including Britain and Germany, are following Ireland's lead [!!!], arguing that the only way to restore growth is to convince investors and their own people that government borrowing will shrink.

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See, uh, austerity ain't all bad. Thar be flavors of austerity plans to suit the discriminatin' tastes of de bond connoisseurs.

Possibly related, graphic forecast:
delta Debt/GDP

Diversity is the key to economic and political evolution.