Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
collateralised debt

Well yes. Collateralised by the worthless assets of the irish banks.

That is not the Irish public's problem. Any creditor who accepts crap collateral accepts the risk of a haircut. That's the whole point of the term "due diligence" when applied to collateral. The haircut can go all the way to 100 % if the collateral turns out to be worthless. That is not a problem. That is a perfectly normal bankruptcy, such as which happens every day somewhere in the OECD.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 12:56:01 AM EST
[ Parent ]

Others have rated this comment as follows:

Migeru 4

Display:

Top Diaries

The 2nd Migrant Wave to Germany

by DoDo - Sep 1
57 comments

The UK Left and Brexit

by car05 - Aug 27
10 comments

Brutish, Nasty, Prolonged

by john_evans - Aug 18
26 comments

Periphery, migration & decline

by Metatone - Aug 14
24 comments

It's "Whose Economy, Stupid?"

by Helen - Aug 3
38 comments

1930s in social media

by DoDo - Aug 11
91 comments

Recent Diaries

Occasional Series