"There is no end in sight to Ireland's debt crisis, but here's one thing we know: The Irish will not get kicked out of their own country." from Bloomberg Businessweek

"Creditors object that debt forgiveness will encourage bad behavior. People, they say, will borrow recklessly knowing that if things go bad they won't be required to pay it all back. This argument has merit. However, it's equally misguided for the government to guarantee penny-for-penny repayment of private debts. That encourages even more foolish lending because creditors know they'll be fully protected from the consequences of their dumb lending decision. Says Reinhart : "Before private debt becomes public, it's important that it do so at a very realistic price to it doesn't inflate the government balance sheet unnecessarily. And that means big haircuts." "