Friday 9 December 2016

A sovereign default is inevitable for Ireland

Published 02/04/2011 | 05:00

Black Thursday, Black Tuesday, Black Friday -- the way things are going there won't be enough days in the week left to take "action'' to fill the very 'black' hole in Ireland's banking system.

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The latest figure is €70bn. Yet another €24bn will have to be pumped into the banks after the latest stress-testing exercise. Patrick Honohan has stated he would be very "surprised'' if extra funds were needed.

The troika of the EU, IMF and ECB released a joint statement lending tentative support. It said that the Government's plans were the correct ones in terms of returning the Irish banking system to health.

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