EU must bank on a debt deal or face disaster

The implications of Ireland not securing a bank debt deal will not just be very damaging for this country, it would be a disaster for all periphery eurozone member states.

This is the view of a senior executive in a US-based investment fund with whom this newspaper had an off-the-record conversation during the week.

This investor’s words should be heeded for two reasons: His rationale is compelling and he decides whether or not billions will flow into Ireland and other eurozone countries.