We all know the story
- Anglo(+INBS) was regulated by our FR/CB
- It got a massive influx of foreign liquidity which fuelled our boom/bubble
- It collapsed leaving senior bondholders and depositors at risk
- The government stepped in
However the ECB and the then CEBS had a role in overseeing the Irish economy and banking system. As is known the general banking system in the Eurozone benefited from the seniors being bailed out. So does Europe(i.e. Eurozone countries) owe Ireland a debt here ?
Personally I do, but I think it only a proportion of the debt as Ireland was mainly responsible for this mess.
What do you think ?