your data suggests a 7-fold increase in euro-area issuance by irish banks in just four years (2003-2007). that's the important fact.
the "rest of world" debt includes all kind of $ stuff form the IFSC. most of this has nothing to do lending into the Irish economy. it is issuance by IFSC based entities. the data may even include derivatives.
The EU didn't insist that Anglo not fail; Ireland did.8.17 As the discussions regarding procedures for crisis containment started to unfold, early on a clear consensus view emerged that no Irish bank should be allowed to fail, in the sense of having to close its doors and not repaying depositors and other lenders. This strong view departed from the textbook view that only systemically important institutions should be candidates for such protective treatment. But it was shared without reservation by all the key officials involved and, for good or ill, simplified the decision making process. By late September, it would have also reflected the broader reaction at European level to what was considered to be an ill-judged policy decision on the part of the US authorities not to save Lehman Brothers.
Shocking like.The average banking crisis debt across the EU is €192 per person, and the figure of €9,000 for each Irish person does not take into account the €18bn put in from the National Pension Reserve Fund.
ETA: after re-reading that article again I'm not convinced. Something fishy about it.
Last edited by Mossy Heneberry; 16th January 2013 at 02:06 PM.
as much as Michael Taft's numbers in the Irish Left Review make a good headline in the Irish Examiner they are bonkers, absolutely bonkers.
first of all I couldn't find any of them explicitly mentioned in the Eurostats report. And by the way we know that 41bn Euro isn't anywhere near the total cost to the Irish tax payer. 40 bn Euro total cost to the German taxpayer laughable. And France made 3bn Euro?
The Irish left review never was and never will be a reliable source for anyone. It's run by brain damaged lunatics.
he IFSC: The cornerstone of the shadow banking system
When arguing this particual toss we need to get back to the real culprits. its not your average german or irish person at all. it's the puppet masters.
IFSC lobby group powerful in shaping policy - The Irish Times - Mon, Oct 08, 2012