Why Normalcy Has Not Yet Arrived

``The government of Ireland owed the Irish Bank Resolution Corporation $4 billion in a promissory note that was due on March 31, 2012. Instead of paying it, as demanded by the contract, they offered up a long term government bond as payment due in 2025 which then allowed the central bank of Ireland to use it as collateral at the ECB and borrow even more money. In other circumstances this would be considered a "Default" and while it took place almost completely under the radar it indicates the tremendous weakness in the Irish finances and the shady deals that are taking place with the ECB...''