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Oh, we're talking about loans to businesses, not to individuals?

Or have Irish banks been giving mortgages to "limited liability" wrappers around individuals?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Thu Sep 17th, 2009 at 05:32:27 AM EST
[ Parent ]
This is all about a very few "developers" owing Billions.  We haven't even started on the private homeowners defaulting on mortgages bit...  They will be screwed by the banks which is why the government doesn't want to own the banks because then the government will be directly doing the screwing...

Didn't you know that financiers have "discovered" that most people are actually honest and want to pay their debts even at enormous sacrifice to themselves.

This is why it is always the little man who gets screwed...

notes from no w here

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Sep 17th, 2009 at 05:37:14 AM EST
[ Parent ]
See LQD: The Poor are Honest by ChrisCook on February 12th, 2009.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Sep 17th, 2009 at 05:39:43 AM EST
[ Parent ]
Thanks - I knew I'd read it somewhere but am terrible on remembering sources - we will have to appoint you ET librarian and links keeper

notes from no w here
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Sep 17th, 2009 at 06:00:52 AM EST
[ Parent ]
It's mostly about some really insane speculative lending, especially for unzoned landbanks and residential developments that may never be worth anything.
by Colman (colman at eurotrib.com) on Thu Sep 17th, 2009 at 05:44:51 AM EST
[ Parent ]

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