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And if we follow the money, it seems to be british-german belgian conspiracy against Ireland.
Also, most of this is Depfa/HRE anyway and this bank is already nationalised.
The fact that the German government has taken leave of its senses and bailed out German banks does not mean that Ireland has to compound the mistake by bailing out the German government. If the German government wants a bailout, the proper place to argue that is at the ECB, which controls the printing presses. The printing press is where governments go to get bailouts in normally functioning fiat monetary systems.
- Jake Friends come and go. Enemies accumulate.
120 bn total exposure is not the same as 120 bn exposure to government debt.
Why yes, yes it is, since Ireland took leave of its senses and bailed out their own banks, that's precisely what it is. Unless you are in the minority that believes that Ireland has a single solvent bank left with overseas liabilities. In which case I have a "competitiveness" reform to sell you.
It's this bailout that the "Irish rescue" - at usurious 5.7 % interest - is now trying to prevent from collapsing (as it should by any right).
The IFSC complicates matters, in that some of the debt might be owed to branches of German banks there, for instance.
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