Fine in about two millenia

It is done. A deal for the Irish bail-out was reached last night. From the BBC: Irish Republic 85bn euro bail-out agreed. Or, as ATW would have it: Ireland Edges Into Euro Slavery…

Theodore Dalrymple ruminates on the enormity of the situation in the Wall Street Journal: When Irish Eyes Stop Smiling
I phoned a friend in Dublin in the way that one phones a friend in a city of 11 million people when there has been a serious accident in which 17 people have been injured, to find out whether he was all right. "Everything's fine," he said. "Just give us time, and we'll get out of this mess. About two millennia."

It's hard to imagine Irish wit cutting much ice with Frau Angela. Assuming a zero rate of interest and no population growth, every man, woman, child and baby in Ireland would have to pay back $250 a year for 2,000 years to clear the debt.

Details of the deal are few and far between. So much so, that even Richard North is wondering out loud What's going on? Some of the details can be found on EU Law, which includes this memorable quote:
[A] more practical approach is to see whether, after all, the EU rescue system can survive the waves of uncertainty. Spiegel International does just that, and notes that of all the possible next bailouts, one is a no-brainer. If Spain falls, so does the euro.
Remember those words in the coming days and weeks.

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