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Well, the Irish chose the worst possible option. Effectively they've signalled that the Irish banks are insolvent and that they're willing to have the state pay to save the management and shareholders.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Mon Oct 6th, 2008 at 10:17:57 AM EST
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