01/23/2011 05:12 am ET Updated May 25, 2011

Would Ireland Be Better Off Defaulting On Its Debt?

Many experts now say that bailouts only delay the inevitable. Instead of further wounding their economies with drastic budget-slashing, the specialists assert, governments should immediately start talks with bondholders and force them to accept a loss on their investments.

The risk, of course, is an investor panic that would seize financial markets at a time when the global economy remains on tenterhooks.