Ireland faces the default option as Europe's leaders talk tough

As fears grow over the state of Ireland's banks, the demands by Angela Merkel and Nicolas Sarkozy for an increase in Ireland's corporate tax are just a distraction from the real issue and won't fix the eurozone crisis.

The banking crisis in the country is getting worse, not better, and, it might be news to people outside of Ireland - but from where we sit, it is looking as if the €85bn (£73bn) deal constructed in November, has already failed.
Already on the agenda is talk of a requirement for yet more money for the country's failed banks.


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