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Also, most of this is Depfa/HRE anyway and this bank is already nationalised.
The fact that the German government has taken leave of its senses and bailed out German banks does not mean that Ireland has to compound the mistake by bailing out the German government. If the German government wants a bailout, the proper place to argue that is at the ECB, which controls the printing presses. The printing press is where governments go to get bailouts in normally functioning fiat monetary systems.
Friends come and go. Enemies accumulate.
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