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And it will be... if they keep rolling it over until the bad bank debt has been resolved. The alternative is to simply default on all Irish sovereign debt and set up a shadow central bank to fund the deficit. That would be far worse for these creditors.

So how is this different from the ECB/IMF bail-out fund - which enables Ireland to access capital at cheaper rates until such time as it can fund its own borrowing on sovereign debt markets again?

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Nov 21st, 2010 at 03:22:44 PM EST
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