"The Icelanders recognized that their right hand—their banking sector—was gangrenous: So they cut it off. A lot of tears, a lot of short term agony—but the rot was cut off.

The Irish? They tried to save their gangrenous hand back in 2008—so then over the next two years, their whole arm has now turned gangrenous."

http://gonzalolira.blogspot.com/2010/12/want-to-ruin-your-own-country-assume.html