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Do you really think a hedge fund - or any private lender woulds give a credit to the irish banks at 1.75%?
The current negotiated rate for the bailout loan is 5.8%, which looks pretty damn punitive to me - and certainly if you want a country to get out of a depression, loan sharking isn't the most effective way to do it.
Unless you're arguing the case for the loan sharks, of course.
I suppose someone has to.
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