who owns this place? there's a bill to pay

There's a University College Dublin Economics professor
who's got a flair for blogging.
And he basically said, if the ECB gave 160 billion euros to Irish banks,
through the Irish government, then the ECB own Ireland and should pay to
straighten it out.

I like the Irish reaction. They have not given up yet.
I heard they just might ask for a second loan. Priceless!

checkitout: 2 things
Irish times- Morgan Kelly
....This allows Ireland to walk away from the banking system by returning the Nama assets to the banks, and withdrawing its promissory notes in the banks. The ECB can then learn the basic economic truth that if you lend €160 billion to insolvent banks backed by an insolvent state, you are no longer a creditor: you are the owner. At some stage the ECB can take out an eraser and, where “Emergency Loan” is written in the accounts of Irish banks, write “Capital” instead. When it chooses to do so is its problem, not ours.
At a stroke, the Irish Government can halve its debt to a survivable €110 billion. The ECB can do nothing to the Irish banks in retaliation without triggering a catastrophic panic in Spain and across the rest of Europe. The only way Europe can respond is by cutting off funding to the Irish Government....

2
Daily bell
We may witness a broad based bank run in Ireland. I’d say the odds are pretty high and one is well underway already according to the chart below. On the other hand, if you stop witnessing bank withdrawls then you can really start worrying because that means the people of Ireland have figured out the game. They’ve figured out that the Central Bank of Ireland isn’t central at all. They can take their country back. They can default and they can start over, but they’ll be taking a pound of flesh out of the entire hide of the Eurozone and a huge loss in the value of all those Euros they’ve been drawing out of the Irish banks. If I was them, I would go for the property, forget the Euros. Stake a claim on the buildings, infrastructure and heritage of your country by refusing to use anything.
A bank run in the Eurozone is a sucker’s bet (unless you expatriate from Ireland) because they will simply devalue the Euro proportionately within your trade boundaries and you end up with nothing left in your country of value that isn’t owned by outsiders. Remember the folks who print the Euros also print the Dollars. Go turn in your driver’s license, your license plates, quit driving, turn in your social security card, buy an extra fire extinguisher and some candles, cancel your insurance, and take a 30 day vacation from commercial transactions and see what kind of a response you get from the banks. If you can’t make it to work without a car, then share with your neighbors. Better yet, quit your job. It only takes a 15% – 20% drop in GDP to stop the machine in its tracks.