It remains to be seen if Ireland can nickel-and-dime itself out of bankruptcy. Irish households are heavily indebted from the housing boom. The workforce has priced itself out of the global market. Thousands upon thousands of Irish people have spent small fortunes on houses they can no longer afford to maintain. Many are underwater and foreclosures are mounting.
You don’t need to be The Economist to know that the Irish economy, for all intents and purposes, is dead.