> So why should developing countries try anything risky, like a
> debtors' cartel, when prudent policies and maybe a currency union with the
> local big boy could give them 10 percent growth rates like Ireland? (Which
> is now richer than its former colonial ruler, the UK.)
Well, prudence had little to do with it. Ireland was the recipient of massive subsidies from the EU for years and years -- around 3-5% of GDP in terms of loans, grants, etc. This was spent on Good Things, like schools, transport, telecom upgrades, etc. instead of the Swiss chalets of comprador elites. In fact, Spain and Portugal are also doing quite well, thanks to similar subsidies. Rather an interesting test-run for a larger, more comprehensive Eurosocialism, I'd say.
And those global U2 ticket revenues couldn't have hurt, either.
-- Dennis