Imitatio Latvia

Iceland experienced a bank-sector driven financial collapse and seemingly insurmountable debt load. It responded by screwing wealthy investors and defaulted on its debts. The country experienced a 10% drop in employment, but has been recovering since Q1, 2010. Latvia did not default on its debts, experienced a 20% drop in emplyment and has been recovering since Q1, 2010.

Guess which model financial columnists are urging Ireland to emulate?

It's absurd advice of course, but then with per capita obligations of about 1/2 million US dollars, Ireland probably has no choice but follow the Icleandic model eventually. I suspect that the financial press it simply trying to help investors squeeze Ireland for all they can before the inevitable default.