Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
But isn't there replacement? The Irish banks got 100 billion or from the ECB and quite substantial sums from the Irish government. All this money has to replace some body else's money. And somebody else are the once existing private creditors.

So a default of the banks alone will not achieve much. It has to be  default of the irish government.  

by IM on Fri Feb 4th, 2011 at 11:34:10 AM EST
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