Sorry, dear readers, a bit squeezed for time today so apologies for republishing a few bits and pieces that have caught my eye about the Irish situation.

First, who would want to be Irish Prime Minister?

The Irish Republic‘s prime minister (taoiseach) is facing parliament for the first time since agreeing to borrow 85bn euros ($113bn; £72bn).

Brian Cowen is answering questions in the Dail as the opposition Labour Party argues that the EU/IMF rescue will ruin the country.

Ireland faces four years of austerity to reduce its deficit from a record 32% of GDP to the eurozone limit of 3%.

Who else thinks that it would make so much more impact on folk if ‘bn’ was replaced with zeros.  If that was the case then the first sentence would read,

The Irish Republic’s prime minister (taoiseach) is facing parliament for the first time since agreeing to borrow 85,000,000,000 euros ($113,000,000,000; £72,000,000,000).

Ouch!

In 2009 the World Bank  estimated the Irish population to be 4,450,000.  So this little borrowing for their country is the equivalent of 19,101 euros for every man, woman and child.

Is there an alternative?  Yes, according to a suggestion from a reader of Yves Smith’s fabulous Blog, Naked Capitalism.

This suggestion on the Irish mess from an irreverent Commonwealth reader:

The UK conquest of Ireland began in 1169.

It’s time to finish the job.

All they have to do is offer the following:

Ireland converts all its public debt to sterling.

The UK Treasury takes over the responsibility for all of Ireland’s existing public debt.

(Ireland gets a clean start with no Irish govt. debt and not interest payments)

Ireland taxes and spends in sterling only and has a balanced budget requirement.

Ireland can borrow only for capital expenditures.

The UK Treasury guarantees all existing insured euro bank deposits in Irish banks.

Only sterling deposits are insured for new deposits.

Ireland runs a mirror tax code to the UK and keeps all of its tax revenues.

The UK agrees to fund Ireland’s with a pro rata/per capita share of any UK deficit spending.

St. Patrick’s Day is declared a UK national holiday and everyone over 21 gets a beer voucher.

No comment from me required!

By Paul Handover