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The irish guarantee is an exercise in futility - they just nationalised six banks without using the 'n' word, but "guaranteeing their debt" is exactly that. They would not have done this without at least one of the banks being insolvent. In the process they have probably pissed off the European competition authorities (by not consulting let alone informing them of their impending action) and the European System of Central Banks (I am curious about the tone of any ESCB conference calls that may have taken place this week) which will have to bail out the Irish Central Bank when the insolvency of the Irish banks catches up with it.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 03:50:34 PM EST
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Sounds a much bigger rift with the EU than Lisbon ever was - I'm not sure there is a public awareness of that here yet...  I see an Irish bank is now advertising a "safe haven" fund guaranteed by...

Vote McCain for war without gain
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Oct 2nd, 2008 at 04:05:26 PM EST
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