Saving a bank = bringing down a country

The failure of the nationalised Anglo Irish Bank could not only bring down the bank its self, but the entire country! The bank already received 23 billion euros, and now, in the worst case scenario, they are going to need another 11 million to habilitate their bailout. Due to this plan, the Irish deficit will rise up to 32% of the GDP and the total cost (spread out over 10 years) will be more than the entire GDP of the whole republic. Luckily, the Irish government still has faith and they say they won’t need to lend money from the IMF or the ECB to habilitate their debts. (Guardian)

Thomas Goeman