Gadjo said :
It's tempting. We'd regain competitiveness because the New Punt would be getting hammered on the international markets. But, often in these situations, what you gain through devaluation you lose in a couple of years through inflation picking up.
Moreover, we already have a huge debt in euros. Just imagine the fun we'd have paying that back with a currency that was collapsing in value by the day. One of the reasons Ireland isn't Iceland is that we're in the euro.
Not yet we haven't as far as I know, we have not spent one cent of the NAMA money. The same thing that happened to us happened in Sweeden, Finland, and the Netherlands currency devaluation is how they recovered, its what Britain has done and they are out of recession, for now.
But inflation can be a problem, but that can be controlled by interest rates, I may be wrong but inflation is not a problem in the British economy. As for Iceland we were not in as deep as Iceland the banks borrowed massive amounts way over the countries GDP. We did have the money to guarantee savings Iceland did not. But who knows.
I don't really think it is possible to leave the Euro. As you said in the OP lets keep an eye on Greece.