If I were an Italian, I'd regard Mario Monti as something of a traitor, with his championing of German austerian claptrap and the slight matter of an unelected man usurping Italy's democracy for the first time since Mussolini.
The fact is, Europe is in the grip of a mad delusion: the fantasy that a headlong rush to austerity in the middle of the greatest depression since the dawn of capitalism is a sane course of action. That's not an exaggeration either. By this point in the depression of the 1930s, the recovery was well underway in most capitalist nations, (because governments back then did the precise opposite of austerity). It's never been this bad for this long.
So now there is an apparent reversal in an important plank of the austerian attack on the populations of Portugal and Ireland. A massive postponement to a completely unreasonable repayment schedule has been floated today, and hasn't been shot down.
Now, the original repayment schedule is no more reasonable today than it was two years ago, or last week. If austerity was a good policy two years ago, why isn't it good policy today? The crushing defeat of austerian politics in Italy is the only plausible explanation I can think of for the timing of this apparent move.
I suggest this thread shouldn't deal with Ireland in isolation, but rather work from a European perspective, given that this is, after all, the political entity in which we exist.
So, if you think that Monti's defeat and the victory of anti-austerian politics in Italy hasn't got anything to do with this development, what's your explanation for the timing?