I'm afraid that I have to agree with my fellow Irishman,default is inevitable.Asking an economy to grow while implementing severe austerity has never and will never work.
Speaking for ourselves I'm just devastated by the straits Ireland finds itself in...a sound manufacturing/export base,an infrastructure improved beyond measure(thanks largely to EU funds)and a well educated,young workforce.And all of it flushed away by greedy bankers, insane property speculation and politicians so incompetent and so corrupt that it defies belief.(And yes,we do get the government we deserve but fuck,nobody deserved Aherne,Cowen and their kind.)
And although we find ourselves in the PIGS group I would respectfully draw a distinction between Ireland and Greece...with absolutely no disrespect to my Greek friends.