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http://www.askaboutmoney.com/showthread.php?t=146677.......I don't know what would happen in the case of the first scenario but my understanding is that the "bailout fund" route would be the same type of thing that happened in Greece.
I don't think depositors in Greece had their money expropriated. Does anyone know what happened there?
I thinkyou might be underestimating Irish debt. Yes, Ireland is a small economy, but Ireland has over €1trillion in debt, even when excluding the IFSC. That is a big worry.Here in Ireland we tend to forget that we are a tiny economy in the European scheme of things. If Ireland funds itself from the ECB fund it will make very little difference to funding from the bond markets. The European Union and the Euro is far too important to the Germans to let Ireland damage it over sums that are really tiny to them.
It is a good point that Greek banks were solid. There is all this talk about the Irish Govt being funded till mid 2011 but what about the banks (that the govt effectively owns)
They need funding too and they depend on the guarantee to get it.
What I am saying is that the EU can afford to keep us on life support in the asylum on the edge of Europe in the interest of preserving faith in the Euro.
They can't do it if the contagen spreads to Spain and Italy.
Or portugal, they are now at high risk of a bail out
SkyNewsBreak:
The Portuguese finance minister says the country is at high risk of needing a bailout, according to reports. [via Twitter]
Arrgh "Broke I say" feel it in me timbers so I do!
At least in 1929 they didn't have clowns trying to start a run!
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