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In that case the Irish banks would be insolvent and would have to be intervened by their regulator or national deposit insurance scheme. The assumption would be that the Irish government doesn't have enought cash even for a "Good Bank" resolution of its banks.

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Sat Nov 20th, 2010 at 07:34:19 PM EST
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