Apart from an adjustment of the interest rate in the EU-IMF bailout terms, agreement with the European Commission and European Central Bank on defaulting on both sovereign debt and senior bank debt will not be forthcoming in the short-term.
Basically, before reforms are implemented, as with Greece, the argument that we cannot sustain debt of say 130% of GDP, will not wash.
If the EU-IMF reform programme is implemented, the then view of the IMF on growth prospects and the debt burden, would hopefully have some weight in Brussels and Frankfurt.
The following are reports and presentations from the current week:
Presentation by Lorenzo Bini Smaghi, member of the Executive Board of the ECB, London Business School, 9 February 2011: Slides from the presentation (pdf)
IMF staff report on Ireland: Lingering domestic perception of inequitable burden sharing persists
European Commission’s staff report on Ireland is available here
Goodbody Stockbrokers arguing for debt sharing: Debt Dynamics - With a little help from our friends (scribd)