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Ireland would have had to deal with the aftermath the collapse of a giant real estate bubble. It did not and should not have bailed out the private speculators who had been the agents of that collapse and, had it not, it would have been in much better shape to deal with the subsequent downturn. Furthermore, finance would have been given a sharp lesson in the consequences of financial sector fecklessness. Instead that lesson was gratuitously inflicted on the Irish people.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 5th, 2013 at 07:21:33 PM EST
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