With a Greek tragedy looming, the EU can’t continue the way it is

EVER since we were lumped together as PIGs, we in Ireland have been forced to pay more than a passing touristic interest in Greece and Portugal.

Dreams of island churches bleached by the sun and fado nights have given way to sombre discussion of the restructuring of the debt as we take the auspices for some small glimpse of our own possible future.

Much has happened since Greece accepted this time last year a €110 billion EU and IMF bailout. The euro area had mobilised resources on a scale that seemed unthinkable until recently to get Greece over a liquidity bump before it returned to fiscal sustainability. It would soon be able to convince the markets with credible austerity measures and thus continue to access finance at affordable rates.