Short but must read from GaveKal: After all, the Irish bill, at €85bn, equates to €20,000 per head and, relative to GDP, is bigger than the reparations imposed on Germany after WW1 (pointing this out to a German policymaker recently, one of the GaveKal partners was replied ‘Sure, but what the Irish did was a grave sin’ and it wasn’t quite clear whether this was a joke or not…)