Take the money and buy Gold

If Ireland wants to get creative, it should take Trichet up on the offer right now for "unlimited cash" at 1%, and put the whole shebang on gold.
In a few of months when the payment is due, Ireland can tell the ECB that it will keep the gold to start a new gold-backed currency and the ECB can keep the IOUs. That would get the ECB and IMF talking about haircuts in short order.

Mish