Ireland's central bank reportedly is printing Ireland's old currency in case the country leaves the eurozone. At least that's the rumor circulating in Dublin, notes Alan McQuaid, chief economist at Bloxham stockbrokers in that city. McQuaid, writing a guest commentary for The Guardian, says he's not sure if the rumor is true. But he does hope Ireland has contingency plans in case the euro disintegrates. Then again, given the record of European leaders, a lack of backup plan wouldn’t be surprising. As Greece struggles to remain solvent, the European monetary union is scrambling to stop the debt crisis from spreading. If the crisis does spread, Ireland might be next in line. Some pundits say Ireland should drop the euro. Being master of your own destiny does have appeal, McQuaid admits. If it returned to the punt, Ireland could boost exports by devaluing the currency and reduce its debt burden. 
Access Investments-Building Awareness - European Union-ROMANIA
Wednesday, September 28, 2011
Ireland's central bank reportedly is printing Ireland's old currency in case the country leaves the eurozone. At least that's the rumor circulating in Dublin, notes Alan McQuaid, chief economist at Bloxham stockbrokers in that city. McQuaid, writing a guest commentary for The Guardian, says he's not sure if the rumor is true. But he does hope Ireland has contingency plans in case the euro disintegrates. Then again, given the record of European leaders, a lack of backup plan wouldn’t be surprising. As Greece struggles to remain solvent, the European monetary union is scrambling to stop the debt crisis from spreading. If the crisis does spread, Ireland might be next in line. Some pundits say Ireland should drop the euro. Being master of your own destiny does have appeal, McQuaid admits. If it returned to the punt, Ireland could boost exports by devaluing the currency and reduce its debt burden. 
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Creating the currency took years of planning, and dismantling it would be equally complicated.
"It is hard to imagine, as some people are suggesting, that we could just go back to the punt overnight," he writes. "So we are not going to simply finish with the euro on a Friday, and then out of nowhere come back to work on a Monday with the old punt back in existence."
Taking a different view, Alex Singleton, writing in his blog for the Daily Mail, said Europe must kill the euro, in addition to letting Greece default.
The euro itself is the problem, he asserts. By its very nature, the same monetary policy for 17 countries will always create credit bubbles in some countries. The eurozone will be constantly plagued by a debt crisis.
Giving more powers to the European Union won’t solve the problem. "There's only way to give stability to the eurozone's economies," he declares. "They need to abolish the euro."
Read more: The Guardian: Ireland Printing Its Old Currency, Just in Case
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Greece should play it's hard default trump card. The idea that the US$ is propping up the Euro is laughable. It may seem so, but the only thing helping the US$ at the moment is the fact that Europeans are running scared to low percentage US treasuries. What's going to happen at the next hiccup, when they move their monies elsewhere and sell those treasuries? Who will buy them? Why, the FED, of course. And on what basis can America tell the Euopeans what to do? It really is laughable, and about time the Europeans told the Americans what to do with their daft advice. The Euro is in dire straits, and it is in the American interest for it to remain that way. Think - real politik rules OK.
Forgive us our insolence, Germany. But isn't the head of our present US government the same hand puppet you breathlessly adored during his pre-election victory lap in your country. Too bad the backdrop of European adoration helped to propel this neophyte into power!
Yes, indeed, a stupid
idea. Wolfgang Schauble recognizes what the majority of americans are incapable
of understanding: that barack obama is stupid and is the source of a litany of
stupid ideas that have driven our economy over a cliff. It’s that ‘hope’ and ‘change’ thing commingled
with ‘eating our peas.’ Drop dead obama.
Do it today.
A new country to worry about - and quite a big one - Russia. The country has had to cancel a government bond auction after its borrowing costs jumped in the wake of the news that respected finance minister Alexei Kudrin was forced to resign and Vladimir Putin said he would run for president again.
The yields on ruble-denominated bonds maturing in 2015 jumped to 8.45pc. Russia also had to cancel a bond auction last week.
The ruble has slumped 12pc this quarter, as the price of Russian oil, its biggest export, declined along with global growth forecasts.
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