The Rescue of Ireland

| Thu Nov. 18, 2010 12:20 PM EST

Here is your unsurprising news of the day:

Irish officials acknowledged for the first time Thursday that the country was seeking aid from international lenders to end the debt crisis that has hurt confidence in its long-term finances and renewed doubts about the stability of the euro....“We’re talking about a very substantial loan for sure,” Patrick Honohan, governor of the Central Bank of Ireland, said earlier in a radio interview on the Irish state broadcaster RTE, and such a rescue would be “in the tens of billions” of euros.

Gee, who could have guessed that Ireland was going to take a bailout even though they kept saying everything was fine? My only real question at this point is whether anyone actually believes this loan is ever going to be paid back. I'm pretty skeptical. Then again, a few weeks ago I read that the final debt payment from World War I had finally been paid off, so I suppose maybe this stuff should be thought of on a century-long timescale. Perhaps by 2110 we'll all be pure energy creatures and won't care about money anymore. That should solve Ireland's problem nicely.

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