Of course not.
Ireland is suffering from the Law of Unintended Consequences, where legislation designed to prevent bank failures and help prop up the economy had just the opposite effect. That's what happens when stopgap measures brought forward by those with too little understanding of economics and monetary policy try to fix a problem they don't understand.
After months of trying to go it alone, Irish officials have relented and are officially asking Europe for a bailout that could top the $110 billion dished out to stave off bankruptcy for Greece.
The request for help was a humbling turnabout for Ireland, which just last week was insisting it could manage its own finances. It does not view itself as being as profligate or irresponsible as Greece was in running up deficits, and has been preparing a four-year budget plan filled with sharp cutbacks that is intended reduce its deficit from 32 percent of gross domestic product to 3 percent.
But the government has been sinking further and further into debt since its 2008 decision to protect its banks from all losses. The banking system had become so weakened that it could not afford to wait any longer for help.
Ireland's calamity should be seen as a cautionary tale, showing us how government intervention in markets as a means of protecting the economy quite often creates more problems than it solves.