Greek writedown shows debt deal is possible

Anybody with any understanding of the dynamics of the Irish public finances and the dynamics of government debt levels would have to conclude that Ireland is in a very precarious place.

The country’s debt and public finance situation is totally unsustainable, or in other words, it is a burden that will be impossible to work through without doing serious damage to the economic and social fabric of the country.

Influential bodies such as the IMF and the European Commission appear to accept this analysis and believe Ireland needs debt relief in the worst possible way. As we know to our cost, the ECB and some other major power brokers in the EU do not believe, or probably more accurately, will not admit to these facts. However, they need to change this perception quickly.