I'm not sure what the figures for this are - I have heard various sums mentioned - and the data is probably all out of date since there are delays in reporting and the "bank run" of funds out of the Irish banking system is ongoing.  The way not to manage a default is to keep talking about it - it has become a major argument within the election campaign - and not actually do anything.  It just exacerbates the funds outflow and dependency on the ECB.

The ECB really need this issue to be settled by a democratic mandate from the people or it will fester on for years.  The opposition parties will have a mandate for some sort of renegotiation and if the ECB is obdurate and agrees nothing - then we may just have a Government collapse and another General election and another year of instability.

Do these guys ever learn?

Index of Frank's Diaries