Sunday, December 21, 2008
Ireland Bank Rescue
Back in an October post, I mentioned the size of the external debt relative to the GDP of several countries. Ireland's external debt is almost 10 times its GDP. The real estate speculation on the Emerald Island made the U.S. market seem prudent.
As a result, the Irish government is taking control of Anglo Irish Bank Corp. and is injecting 2 billion Euro worth of capital into Allied Irish Banks & Bank of Ireland each.
Posted by MK at 7:09 PM