Ireland gets a partial equilibrium

Step one, the ministers agreed that each Irish citizen will borrow $20,000 (113 billion/4.5 million).
Step two: Get the Irish parliament to agree with a majority of 2.
It is not over yet.

And this good news:

Creditors of euro-zone countries that face insolvency after 2013 will see their bond holdings restructured—and may be forced to take losses—under a proposal agreed by the leaders of France and Germany, and top European Union officials, according to people familiar with the matter.

This little gem is a good idea, putting the bond risk onto markets not government. It does set a planned date for mass bankruptcy, but why not? Get it all done at once.