Solution to debt crisis a sure bet
Published 10/02/2011 | 05:00
I am the daughter of an ex-professional gambler -- who won.
If a gambler loses on all bets of the day but, looking at the form, sees a chance in the last race, he can make good on the whole day's losses.
The markets are a betting shop. Let's put the Irish Government's amalgamation of private bank debt and sovereign bond debt into the context of a bookies shop: if the bookie pays out on all the bets made by the punters, for example on a Saturday afternoon, regardless of whether their horses came in or not, the astute punter won't bet on the last race in that shop because he knows that bookie will be bust before the end of the day. He'll head to the one down the road instead.