Thanks Horusd. its a pity people who suggest exit from the euro do not spell out the consequences as you have clearly done.
Whilst I agree with most of
Horusd's analysis, in answer to your question, the one problem that would go away would be that of balancing the budget. It simply balances by printing the new currency. That is presumably the reason for the clamour to leave the euro, on the face of it you escape all this austerity stuff.
It is ironic that if the government reduced PS pay by 10% the Bearded Ones would cry foul and throw the whole of Croke Park at Leinster House. However, if The government instead changed PS pay to Punts Nua, keeping salary levels the same, and then the Punt Nua fell by 50% the Bearded Ones would be happy, at least everyone else is also taking the hit.
Ireland's problem is not an economic one. We have a modern industrial base and are paying our way in the world. Okay, there is too much unemployment but that too is not essentially an economic problem. Third World countries face real economic problems in that their economies simply lack the development and capacity to deliver prosperity.
Ireland's problems are political. The apparent economic imbalances can be solved at a stroke by cutting PS pay and Social Welfare to the levels of our nearest neighbour. Politically, we simply can't put into play these very obvious economic steps that would put us back on track.