Irish Solution to a Global Problem

The Irish government's guarantee of deposits and debts issued by Irish banks puts the US bailout in the ha'penny place when considered on a a per capita basis. My personal share seems to be about €100 000. Of course the risk being taken with Irish taxpayers' money isn't as great as the risk in the U.S. I don't expect the U.S. tax payers to ever see much of their money again.

What amazes is the interconnectedness of the money markets. The Irish guarantee has seen an unanticipated rush of capital into Irish banks, especially in the U.K. where one can simply walk in to a branch. This is causing a knock-on crisis there and across Europe.

There's a very interesting article on the Irish Times website.


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