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The Search for Bank Investors a Mug’s Game

Posted on: November 17th, 2013

ARE there any mugs left out there? Mugs with money?
Ireland’s big guns were putting themselves about in force within 24 hours of the phoney euphoria about the credit line. Glowing with pride at the phantom return of our sovereignty, Central Bank governor Patrick Honohan and Tanaiste Eamon Gilmore took to the airwaves. Honohan braved David McCullagh on Prime Time while Gilmore boomed away at Cathal Mac Coille on Morning Ireland.
Both men can be forgiven for emerging to bask in the plaudits floating around Europe about what a wonderful job Enda and Eamon had done. European leaders are delighted with our craven leaders. It is a pity that there will be no relief for ordinary citizens at home.
More interestingly, the two power houses seemed to be on message about a looming crisis. Honohan began to talk openly about a taboo. The governor could not “guarantee” that we would not be forced to find billions to prop up the banks after next year’s stress tests. Ahem. We are being softened up for a massive retreat.

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