
One thing seems clear though: the Irish Government's guarantee to Irish depositors looks unlikely to be the end of it. Both the UK and USA (and several other EU countries) have had to bite the bullet and take equity in major banks. So far the Irish Government has been lucky and hasn't had to pay out a cent in response to the current crisis. So far.
But the current extreme turbulence makes it inevitable that one or more Irish financial institutions will need re-capitalised with state/taxpayer funding. Mere anarchy is loosed upon the world ...
Cue playing of REM 'Everybody Hurts'.
ReplyDeleteSo, what's your guess on land prices over the next few months?