The trick would be to hold implicit and explicit threats of default in reserve and then proceed to implement your plan and pay back the debt in Euros. The debt would get paid, but not be accompanied by the 'soaking' of the rest of the economy that is the point of the current scheme. It would seem that the further Ireland proceeded along this path the more secure she would be in continuing. By so doing she would be providing a light for the feet of others.

One possibility would be to carefully 'privatize' the process of the creation and administration of the Punt. Then they could plead respect for private property. :-)

"It is not necessary to have hope in order to persevere."