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That doesn't preclude the Irish state (or the banks themselves) from receiving a hefty fine from the Commission. And as Pierre pointed out yesterday, €400bn is nearly 3 times Ireland's GDP. However the guarantee is nominally "to the tune of €400bn" but at "market prices" for "insurance" (again h/t to Pierre) it would be worth something like $10bn to the banks.

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 Wed Oct 1st, 2008 at 06:45:29 AM EST
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