It has been downhill from there in what has become a classic case study of how to screw up a public relations challenge.

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Far from seeing Ireland as a case-study in what not to do, the troubled Mediterranean members of the euro would do well to learn from it.

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Yet whether the findings of this study serve as a baseline, there is in any case a high probability that we already know what the market will look like and how it will behave.

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