There was an old 2008 joke: "What is the difference betwen Iceland and Ireland?"
The answer was one letter and six months.
To be fair that 6 months dragged out to be two years but the essence of the joke is brutally true.
Dear Angela Merkel is going to have to butter up her German electorate a lot more to get them to pay for not only Greece, but now Ireland. Maybe soon, Spain, Portugal and Italy.
But let us all remember that hard work is what the Germans are renowned for. So perhaps the rest of Europe will let the Germans do what they do best with their 60 hour weeks and unremitting efficiency. Maybe the dynamic German economy can, under pressure, support virtually the whole of Europe.
Then the bankrupt laggards known collectively as the PIIGS (Portugal, Irelend,Iceland,Greece and Spain) can get back to what they are good at... and go down the pub.
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