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Loan sharks? Do you assume the other european countries can borrow at 0%? And the ECB has given the banks - and that means nowadays the irish banks - a lot of money at 1.75%. And you think 1.75% is to high and so the irish banks have  a right to default on their debts to the ECB.

Burn the ECB! 1.75% is usury!

by IM on Fri Feb 4th, 2011 at 12:40:19 PM EST
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FWIW, 1.75% is very close to the current one-year interbank lending rate.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 12:43:50 PM EST
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A point of order: With a properly functioning central bank, a sovereign country can in fact borrow at 0.0 %.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 5th, 2011 at 01:54:45 AM EST
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