Monday, January 17, 2011

Running On Empty

According to the Daily Telegraph, Irish banks appear to be running out of money and have already borrowed Euro51BN from the Irish central bank as at the end of December.

The loans are euphemistically titled "other assets" on the central bank's balance sheet. It should be noted that these banks have already borrowed Euro132BN from the ECB.

The result of this year's Irish general election will be interesting, as it will not only reflect the voters' views on their own government but also their views on the EU/Euro.

No comments:

Post a Comment