The intricacies of the debt markets in Irish banks are beyond me. However, from what I have read on this excellent board, elsewhere and talking to others it is pretty clear that Ireland is just simply bust.

Whichever instrument is available the plain truth is that the financial entity behind it is not sound and cannot last.

What politicians and the authorities are trying to do now is polish a t**d so that it doesn't fail completely on their watch.

The only long term answer is a two speed euro. Before that happens there needs to be a recognition that the populace won't accept the terms being imposed by foreign entities. Until they force the hand of politicians, either through the ballot box or by other means, the current muddling through process will survive. But it is not tenable in the long term.

If Greece was the Bear Stearns, that the authorities could afford to rescue, presumably Spain is the Lehman Brothers that is simply too big for the system to bail out. That is when it will crash.

McEssex