The proposal is really unvetted, but it was Steve Keen's surmise that, by exchanging a significant portion of domestically circulating Euros for Punts that this would enable foreign creditors to be paid without crippling the domestic money supply. And additional Euros would still be entering Ireland, as it has a trade surplus. How much of the available Euro reserve so obtained it would be wise to pay on debts to other countries or the ECB should be a tactical decision - designed to buy time for the domestic economy to recover.

While no details were spelled out, I expect that it would be necessary to require all cross border transactions to be conducted through the Irish CB. This is what worked in China, however the Argentine experience might suggest other options. I don't know.

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