Ireland guarantees all liabilities of six Irish banks. That means every debt that these banks have to anyone: to their depositors, interbank lenders, and bondholders. Reply
Ireland guarantees all liabilities of six Irish banks. That means every debt that these banks have to anyone: to their depositors, interbank lenders, and bondholders.
right, and with limited means to make good on that promise.
It’s interesting to note that the Irish decision to guarantee savings in six banks in Ireland is reported to have triggered a inflow of cash into those banks from the UK. France is now said to be considering a similar move, and Jose Barroso, the EU’s top bureaucrat, has now said that there should be “consistency” in approach throughout Europe.
You better watch out for those irish, if they get mad they invoke the powers of god through the protestants and catholics and start blowing stuff up. Ask Ms. Thatcher about going to work everyday wondering if your car is going to blow up – not fun! Wouldn’t we all like a unified europe with a strong currency and financial system than a bunch of small states constantly killing each other and blowing each other up? I am surprised at the people here hoping for the fall of the european currency and not considering the human cost. So what if their banks are levered 50:1 or 100:1, if it keeps the bombs from blowing up isn’t that a small price to pay?
The heart of the matter is in my humble opinion that European Monetary Union EMU was and is a political project whereas the pains to feel come from the realities of everyday economy. These are two continents between which there is no bridge. However, there is a ferry traffic between them with each ferry carrying a different name: Transfer mechanisms. I am willing to elaborate on this, but that needs several attempts. The Sarkozy proposal means to build another ferry, and not a small one. It would not be built on a German shipyard but it would certainly visit German ports to be loaded: Outgoing freight without invoices attached: Cooperative Germsn Remittances to Europe. Remember American operation CARE after 1945?
yes, problem is national govts don’t have the funding capacity that may be needed. only the ecb does
“The heart of the matter is in my humble opinion that European Monetary Union EMU was and is a political project whereas the pains to feel come from the realities of everyday economy.”
They have been taxing me to pay for the common man in america for a long time my friend. I talk to my german friends and they are really pissed off that some of their “wealth” can be redristibuted to the poor on the other side of berlin, and they get really upset when they are told some of their wealth can go to those lazy losers in spain and italy and not even a fellow german. I don’t get it, can’t they see the prosperity it has brought to the USA to take from the rich and give to the poor lazy bums and starving homeless?
Look the global companies need a one world currency, and one world government it is just more efficient that way right? Why couldn’t the polish slaves working the mines be happy for all that work that hitler was bringing them? Much better than just sitting around idle in poland being a drunk lazy slacker bum all day wasn’t it? LOL!