Ireland is likely to default – that is obvious – even Moody’s data would substantiate this.

There is bitterness in Ireland over the EU-IMF loan rate of 5.8pc, which may be too high to allow Ireland to claw its way out of a debt trap. Interest payments will reach a quarter of total revenues by 2014. Moody’s says the average trigger for default in recent history worldwide has been 22pc. “The interest bill is enormous. The whole process lacks feasibility,” said Stephen Lewis, from Monument Securities.

This just underlines the validity of my prescription.