Why Irish should say NO to Euro bailout
"Bankers and bond investors stand to lose a lot of money," but an "orderly" default "is often the best solution"
"Russia and Argentina defaulted on their debts. It wasn't the end of the world," writes Matthew Lynn for Bloomberg here.
"The financial markets portray it as a catastrophe, but that is mainly because bankers and bond investors stand to lose a lot of money. So long as it is done in an orderly, structured way, a default is often the best solution to a financial mess.
"Underneath the property bubble -- which was caused by low interest rates -- Ireland has a competitive, export-oriented economy...
"If it defaults on its debts, Ireland can bounce back fairly quickly. If it accepts an EU bailout, it will be stuck in recession for a generation."