Irish economy heading for a bail-out? Yield on 10-year bonds edging towards 10%. But a lifeline might not be all bad, according to the Irish Times.

Amid the many and increasing number of stories on the likelihood of a bailout, the Irish Times authors a more pragmatic summary than most. Ireland hasn't lost it's spirit yet and our ability to remain positive even in desperate times appears to have survived the years of the Celtic Boom.

Meanwhile, another story in the Times today possibly points to the underlying problem! Enterprise Ireland, created to be a 'knight in shining armour' to Irish business and industry, has become a white elephant - an old clumsy one, at that. The Times reports that Enterprise Ireland spends most of its budget on itself - €100m on admin and expenses. Less than a third of the budget reaches its target - which was supposed to be support for Irish businesses.

And in the small print is the usual 'misappropriation' of funds with the culprits including an unnamed amount by Skillsnet (referred to as 'irregularities' - but why can't they call 'theft' theft?); nearly €2m owed by Clover Meats written off; and, wait for it, Chambers Ireland have also been in the 'on the game' owing €320k. Also written off.