In other words, he knows Ireland is fighting a losing battle.
The Irish Taoiseach Cowen is showing the signs of strain, recently giving a radio interview in the early hours while still suffering from the effects of a heavy night of drinking.
The political consequences will be severe. The eurozone is unlikely to survive. The EU could fracture. It will be a dangerous moment when it comes. The Lehmans collapse will be as nothing to the arrival of sovereign default in Europe.
UPDATE – News of troubles within Spain and Italy have been heavily suppressed. The idea is to direct the eyes of the inquisitive towards the smaller fry, and then say that they won’t make much difference to the big picture. It all hangs on being able to keep the illusions of recovery going.