The European debt crisis has intensified again, with investors turned on Ireland in recent days amid rumors that it's unable to pay interest on its significant debts, a charge the Irish government vigorously denies. European Union chiefs are now desperate for the small country to commit to a €100 billion bailout to help settle the markets. But it may be time for a "far more radical solution," says Trevor Butterworth at Forbes. His Swiftian proposal: Why not lease parts of the country to investors rather than accept the humiliating terms of a bailout? Ireland has "transcended the limitations of geographic nationalism," anyway; far more "Irish" live in the U.S. than in the homeland. Let's face it, the actual country isn't that important to us any more. Why not take advantage of that by leasing Cork and Kerry, two of south-west Ireland's most attractive and prosperous counties? Here, an excerpt:
My fellow countrymen and women, face it: you have no meaningful national sovereignty left to be ashamed of losing. It’s already gone. Worse, a mere bailout by Europe provides neither the scourge of moral hazard nor the lessons of good management to the powers that greased Ireland’s path to this debtors’ prison. Therefore, think bigger; think Hong Kong or Shanghai; think about leasing Cork and Kerry...
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
'The winners and losers of AI may not be where we expect'Instant Opinion Opinion, comment and editorials of the day
-
Shingles vaccine cuts dementia risk, study findsSpeed Read Getting vaccinated appears to significantly reduce the chances of developing Alzheimer's and other forms of dementia
-
Judge ends Eric Adams case, Trump leverageSpeed Read Federal corruption charges against New York City Mayor Eric Adams were dismissed, as requested by Trump's Justice Department
