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    Make no mistake the Irish economic crisis is a crisis of the EU itself.

    Ireland, for a long time lived the EU high life, but that has come to an end and reality really bites.

    Locked in to the Euro their economy is sinking and and bail-out may only serve to delay the inevitable. The best solution would be for them to leave the Euro - it just may happen anyway so the sooner they bite the bullet and re-establish economic independence with a currency that can float and take some of the strain, the better for them and for us.

    The Euro is an ill-conceived political, not economic, scheme and its flaws keep being showed up. The problems are not limited to Ireland or even Ireland and Greece. The survival of the Euro is at stake, perhaps the EU as a whole.

    Much as I would love the EU to collapse the aftershocks would be deeply damaging to us as well as them. Far better that an orderly withdrawal from the common currency happen.

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