But Morgan Kelly's argument is that the IMF was a good deal more realistic and sympathetic to Ireland's case than the ECB and that the subsequent deal was almost as much an embarrassment to the IMF as the ECB.  If we have to identify a bad guy here, it is the unidimensional mandate and determination of the ECB to protect bondholders at all costs and put price stability above employment or structural balance within the EDurozone.

Index of Frank's Diaries