The euro-zone in Irish hands

The Wall Street Journal:

For Europe's sake, take the money

By SIMON NIXON

Ireland's day of reckoning has arrived. When Brian Lenihan meets his fellow European Union finance ministers in Brussels Tuesday, he will find himself in the surreal position of being begged to accept a European Union bailout, despite the fact Ireland doesn't need to tap bond markets until the middle of next year and his government will next month deliver a budget which it believes will enable the country to bring its borrowing under control. But this crisis is now about the survival of the euro zone. Mr. Lenihan should take the money —and the rest of Europe must hope that does the trick.
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A different view:
Bloomberg:

Euro Dominos Will Fall Until Currency Is Split: Matthew Lynn

The euro has turned into a bankruptcy machine. Once the markets have finished with Ireland, they will simply move on to Portugal and Spain, and after that to Italy and France.
There is a domino effect at work, and, with each rescue, the fault lines within the euro grow wider and wider. This process isn’t going to stop until the euro is taken apart.
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