“The Irish government issued a blanket guarantee of the deposits and debts of its six largest lenders”
And they haven’t got the cash, or the GDP to cover it, while expecting the EU to pony up and assure it.
The EU banks are why we see the “urgency” to pass this BAD BAILOUT now. We are going to be FORCED to pay for the results of HORRIBLE Democrat Social Engineering-by-Mortgage, but we should NOT have to pay to bail out Euro and Asian banks bad investments, as well.
Some of these overseas banks are MASSIVELY over-leveraged, like Deutsch Bank.
Well said! Between Hypo and DeutscheBank, fully 90% of German GDP is at risk...and, guess what, the Wonderlanders (that’s the EU crowd, in my slang) haven’t got NEARLY the mechanisms in place to bail their butts out. Not to mention the huge Belgian outfit Fortis, nor to mention the next half dozen Spanish and Italian banks to go tits up.
They own the old Fannie and Freddie mortgage securities.