AUSTRALIA/By Mohamed El-Erian The opinions expressed are the
author's own.  It is safe to say that there is broad agreement
on what is most desirable for solving the Irish crisis -- namely
a mix of domestic policies and external financing finely
calibrated to enable the country to grow strongly, create jobs,
stabilize the banks, and overcome large and mounting
indebtedness.  Unfortunately, what is most desirable is not
feasible given the path Europe is embarked on; and, to make
things even more complicated, what appears feasible to Europe is
not necessarily desirable. As a result, Ireland finds itself
stuck in an unstable muddled-middle. It can't get ahead of the
crisis; it is far from a first best solution; and it confronts
choices that are painful to implement and uncertain in outcome.
What is evolving in Ireland today resembles what was done in
Greece six months ago. Expect the Irish government to commit to
even greater budgetary austerity, its European neighbors and the
IMF to provide massive funding, an