Euro Area

[gaelic cowboy]

because it would be more blatently a bail-out in contravention of mastrict, and thus liable to cause the Karlsruhr to rule against its legality, which given the eternity clause in german basic law would necessitate germany's exit of the Euro (and possibly the EU) as the only way to return to compliance with German basic law............. perhaps?

Well they better have there fun deflating our economy now cos when Lisbon 3 arrives on our shores it is doomed pure and simple. Ireland has been basically made eurosceptic for a decade or more depending on how long this bailout craic lasts.

Everyone knows the bailouts of Ireland, Greece are not working and that eventually when the strain becomes too much and Ireland, Greece will have to either tap for more funds again or extend the terms.

The debt will either have to be inflated away or cancelled it really is that simple.