Irish bank set to be nationalised

[struggle4progress]

Source: BBC

The Irish government has said it is to nationalise the Anglo Irish Bank after deciding pumping money into the lender was not enough to secure its future.

The state had planned on injecting 1.5bn euros (£1.4bn) into the bank, but said its weak funding and damage to its reputation prompted a change of tack.

Anglo Irish has about 100bn euros on its books, but there was no need for customers to act, the state said.

It added that all employees would stay with the firm ...

Read more: http://news.bbc.co.uk/2/hi/business/7832203.stm

[applegrove]

1. And Ireland was held up by neocons as an example of a great deregulated economy.

[MannyGoldstein]

2. Why Do The Irish Do This And We Don't?

We just give away money our banks. Europeans take a serious voting stake in their bailed-out banks, or take the things over.

[struggle4progress]

3. That is an excellent question

[willing dwarf]

4. The Irish miracle has been circling the bowl

and now is going down with the horrible sucking sound. There's a whole generation that's never seen unemployment, who didn't see that the Celtic Tiger was only a paper lion. So much debt racked up so quickly, and now all the strongholds the Irish had in Queens, in Chicago, in Boston...the depth of the Irish economy in the US is all gone. Everybody went back to Ireland for the boom, and now there's nowhere to come back to for the crash.