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gruffydd

Can One Bank Bring Down A Country?

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http://www.nytimes.com/2010/09/01/business/global/01anglo.html?src=busln

I loved this bit...

"In 2006, as Ireland’s real estate frenzy reached its peak, a group of developers paid €412 million for this industrial site, backed by a €300 million loan from Anglo Irish.

Mr. Mathews, a former banker who now advises real estate developers, estimates that the land may now be worth €20 million — if it could be sold at all."

Edited by gruffydd

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http://www.nytimes.com/2010/09/01/business/global/01anglo.html?src=busln

I loved this bit...

"In 2006, as Ireland’s real estate frenzy reached its peak, a group of developers paid €412 million for this industrial site, backed by a €300 million loan from Anglo Irish.

Mr. Mathews, a former banker who now advises real estate developers, estimates that the land may now be worth €20 million — if it could be sold at all."

Depends what do you mean by bring down. A country always has its productive asset/people and can go into default and then rebuild. Even Iceland is still surviving...

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We could be about to find out.

RBS would be an interesting one. Although to be honest I'd rather it happen to some other nation.

And to think that this institution was once headed by a man who insisted that the local ATM's were only stocked with notes bearing his signature.

Makes me feel physically sick

Where is he now? anyone?

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Analysts here expect the bank’s defunct loans to hit €35 billion, or about 22 percent of Ireland’s gross domestic product — a hard-to-believe figure for a lender that, at its peak, was just the third-largest bank in Ireland

So it was in essence a conduit for fraud.

They gave 35 billion to their buddies, and dumped it on the taxpayer.

That means someone (plural) has the 35 billion, the transfers were illegal and should be set aside and as much of the cash as possible recovered.

That's what happens in frauds right?

You go after the fraudsters, reclaim their assets and put them behind bars.

Oh no, sorry, they're banksters, property developers and politicians - so you let them keep the money they've stolen, force the taxpayer to pay for it, cut everyone's salary and make them redundant instead.

At least the Greeks had the cojones to kick off.

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I would guess it pales into insignificance compared to RBS. Our lot are just better at hiding it from view.

The Irish can't print their own money for instance to hide the problems with the assets.

The electorate here don't realise they've been had.

+1

Those krauts hate the printin'

Dem cant coutenance it

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So it was in essence a conduit for fraud.

They gave 35 billion to their buddies, and dumped it on the taxpayer.

That means someone (plural) has the 35 billion, the transfers were illegal and should be set aside and as much of the cash as possible recovered.

That's what happens in frauds right?

You go after the fraudsters, reclaim their assets and put them behind bars.

Oh no, sorry, they're banksters, property developers and politicians - so you let them keep the money they've stolen, force the taxpayer to pay for it, cut everyone's salary and make them redundant instead.

At least the Greeks had the cojones to kick off.

But you can't start prosecuting these entrepreneurs, it would give the impression that UK plc wasn't open for business. People might lose their jobs.......

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But you can't start prosecuting these entrepreneurs, it would give the impression that UK plc wasn't open for business. People might lose their jobs.......

exactly

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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