Wednesday, March 16, 2011

Erin Go Broke?

Said Noonan: "We'd like to inject less
In these albatross banks on our necklace,
For we've already blown
So much cash of our own
To atone for when lenders were reckless."  

Irish Finance Minister Michael Noonan would like the EU and the European Central Bank to agree on a longer timetable for the deleveraging of its banking sector. After the banking collapse brought on by overly aggressive property lending, the Irish government has injected €46 billion, or 29% of GDP, into the country's banks, and could evidently use a breather.

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