Irish TD (the Irish version of MP) Shane Ross is arguing that Ireland should default on its debts, particularly since the markets believe that default is inevitable.
Claiming Irish Prime Minister Enda Kenny is inaccurately touting the success of Irish austerity measures, Ross thinks that when Moody’s cut Irish bonds to junk last week it doomed the Irish economy to default no matter what.
He claims the only options are denial or default. “What I suggest to you and what I ask you is this, would you not consider taking up the default gauntlet, and in a structured way if necessary saying yes, default is not a negative, default is a positive, because believe me, the markets believe it is inevitable,” Ross said.
PM Kenny, who will probably ignore Ross, will be at the EU summit tomorrow to discuss a second Greek bailout and a plan to keep Spain and Italy from going under.
As usual, no one there will probably care about Ireland.