The Irish economy is stuck in the euro, and has no control over its exchange rates, which means it has no way to ease financial bubbles. In the euro, Ireland must accept bubbles and suffer them, no matter how ridiculously inflated they become.
Instead of finding an orderly way to extricate herself from this captivity, respectfully, and with guarantees to her eurozone captor, Dublin's politicians are suffering from Stolkholm Syndrome.
In psychology, Stockholm syndrome describes the paradox whereby hostages become enamored with their captors. The hostage is in terrible danger, but comes to love the source of that fear, viewing the captor's constraints as evidence that the hostage is better-off behaving. The captive even begins to love the captor, believing she won't be harmed, despite the conditions which point otherwise.
Dublin suffers from Stolkholm Syndrome because it just wants to believe that it will be saved by those institutions that have sunk it.
The strange history of the Nazi plans to invade Ireland