Irish Finance Minister Flip-Flop: Yesterday Noonan Vowed to Screw Irish Taxpayers; Today Seeks Haircuts on Senior Irish Bonds; Lessons From Iceland

``Iceland's method of coping with the financial crisis had a brutal charm about it. In essence, the country hoisted its middle finger to the owners of bank bonds, and a few other people it owed money to, and walked away. It worked... note that Iceland made a triumphant return to the international bond markets late last week, and that its tiny economy is growing at a fair clip, both remarkable achievements when you consider its punishing economic and banking collapse in late 2008.''