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"The vast, vast majority of the Irish government debt is illegitimate, taken on in the process of bailing out insolvent German banks."

Now that is uttermost nonsense. Ignoring the role of the irish banks,their irish creditors, their french, british, american creditors. Or do you want to claim that the average irish bank had no deposits at all?

The vast, vast majority of irish debt was taken on in the process of coping with the results of the bust of the property bubble. Like in the UK or the US. It is a legitimate as any other countercyclical borrowing.

I am really dealing with nationalistic myths here.

by IM on Sat Feb 5th, 2011 at 07:37:24 PM EST
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