Prediction

Okay we all know the future is impossible to predict, but I'll try and throw my hat on it :-)

1. the sovereign debt (which is largely private banking bondholder debt) will result in severe and unjust austerity measures being imposed on the irish people instead of on the bankers and politicans who caused the mess.

2. the sovereign debt will be unpayable for many reasons: peak oil; failed efforts at more flawed GDP growth will not enable the high ECB/IMF interest payments to be met while also paying off capital;

3. the state will attempt to sell strategic national assets to foreign corporations to pay for the unjust bailout of private banks and international bondholders

4. the state will nevertheless have to default or significantly restructure this unjust debt as the sums are so large (otherwise a generation of irish people will be shackled to severe austerity while foreign corporations plunder the natural resources in Ireland (renewable energies etc). If the state does not default the people of Ireland will be paying off interest to the IMF and the ECB for a generation or more. (Remember Ireland could refloat the punt and create its own credit rather than running to these international banking cartels).

5. Eventually the people of Irealnd will "wake up" to this reality and the IMF/ECB international bankster/gangster cartel will be sent packing and told to get out of Ireland.

6. Upon default or restructuring there is a significant probability the Euro currency will crash

7. Ireland will have to refloat the punt, which is a necessary long term move - to do this an extra constitutional measure will have to be introduced as Ireland is in the EU.

8. The people of Ireland will reclaim resources In Ireland that are being sought after by private corporations for profit. Corrib gas, renewable energy resources, fishing grounds, etc. (This should have been done anyway - e.g. StatOil, Norway's state owned oil company. Norway did not sell the oil reserves to foreign corporations for nothing. The FF government did however giveaway Corrib gas to Shell for nothing).

9. The disastrous policies of NAMA and Lisbon will have to be repealed.

10. A new and better Ireland will emerge, based upon more sensible and 'truly' sustainable policies and the development of sustainable communities and more national self-sufficiency. See my post on aspects of a National Sustainable Development Strategy