Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Ireland has other capital resources (e.g. Pension reserve fund) it could use to buy out some of the debt. But then the ECB wouldn't get 5.8% on the money it is so generously using to "bail-out" the Irish: Money it borrows at 3% and thus makes a cool 3% on.

You see, we don't want a fiscal transfer Union from the centre to the periphery - its supposed to be the other way around...

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Apr 5th, 2011 at 09:16:21 PM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series