Today's top feature: Nation faces stark choices

We can either be forced into a disorderly, unmanaged default, or we can engage in organised restructuring now, writes Constantin Gurdgiev

LET’S do a simple exercise in accounting. Between now and the end of 2014, the Government will require some €120 billion-€130 billion in financing in excess of tax receipts in order to cover continuation of its banking and fiscal policies.

Net of the cash and assets reserves we currently hold, Government-assumed or underwritten debt (ex-Nama) will rise to a massive €210bn-€220bn in the next four years.