What I don't think most people have realised is that the moment has just happened where Ireland's "shared sovereignty" with Brussels has tipped into very scant economic sovereignty.
The IMF will be on their case in real time: probably quarterly reviews where the EC or IMF can just come in and tell them to intensify austerity.
The Irish politicans on the TV are still talking about shared sovereignty as if nothing's happened.
But, as they say, "Earth to Ireland's political class and media": getting your country's budget controlled from outside is not a normal part of the shared sovereignty arrangement. It is abnormal. Likewise Anglo-Irish and Allied Irish banks look like they will soon be sold at knockdown prices to bigger, more solvent EU banks. Losing nationally owned banks is not normal either.
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