I don't have any problem whatsoever with it, although I wouldn't have any interest in actually going to see/catch a glimpse of her.
What I would have an objection to is the Irish government forking out millions on security and 'pomp' after all the austerity measures. And I'd be afraid that the Irish govt would (mistakenly, in my opinion) think that a lavish reception for the Queen would be a way of gaining respect for Ireland in the UK and beyond.
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