Tuesday, March 11, 2008

Another one bites the dust!

Irish banks may need life-support as property prices crash

The Dublin government appears to be almost powerless to prevent a severe downturn. Ambrose Evans-Pritchard reports The Irish banking system faces acute strains and may require a phase of temporary nationalisation as the property slump leads to a wave of defaults, according to a leading Irish economist.

Posted by tyrellcorporation @ 09:24 AM (1527 views)
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10 thoughts on “Another one bites the dust!

  • I really don’t know what else they expected?

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  • A lot of Irish “investors” entered the English property market by releasing equity on their property holdings in Eire – expect the domino effect to send huge ripples through the UK property market.

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  • “The Nordic rescue is seen as a model of how to tackle a banking crisis. However, Sweden succeeded only after it left the ERM’s fixed exchange system and regained control of its monetary instruments.”

    I wonder what this might mean for the Euro over the next few years. Euro countries can’t just ‘leave’ the Euro now. What will they go back to?

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  • sold 2 rent 1 says:

    “I wonder what this might mean for the Euro over the next few years. Euro countries can’t just ‘leave’ the Euro now. What will they go back to?”

    There is no “going back” if the NWO get their way. It is onwards and upwards towards a world currency and world government.

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  • Happy Mondays says:

    s2r1, There is no “going back” if the NWO get their way. It is onwards and upwards towards a world currency and world government.
    Surely people are not that dumb, i think that any human with an ounce of common sense would see that coming and refuse acceptance of a NWO, However at the moment people have been known to pay (with debt) crazy amounts of money for somewhere to live, to banks other finacial bigwigs who raped, stole , pillaged the world in the first place, lets hope we wake up!
    Also where can i stash my hard earned / saved cash without it dissapearing on me like so many pensions as under my bed is full with my Beano and 2000AD comics?

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  • “Look at all the signs: every single one is screaming that the economy is in big, big trouble. Housing market dead, new car sales dead, consumer confidence is dead, record job losses, exporters being killed off by a strong euro, fuel prices spike, housing repossessions increase.”

    OH DEAR !!!!!

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  • Didn’t hear anyone complaining over the last 7-8 yrs since the Euro brought massive on-paper wealth to many home owners in Ireland.

    Now that it isn’t quite working for them and they are experiencing a HPC, why all the fuss. Got to take the good with the bad.

    Lets all hope that the UK (as well as stubborn Scotland!) is heading for an Irish style event.

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  • > Euro countries can’t just ‘leave’ the Euro now. What will they go back to?

    course they can, they just issue a new currency… much like West Germany in 1948 or Argentina at the end of the 90s. It is only paper after all. Shouldn’t be too hard to print banknotes for the Irish economy.

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  • sold 2 rent 1 says:

    Stayed at some friends of my wife over xmas in Ireland.

    This is the state of their denial:

    The jobs of the Irish couple we stayed with – him, a micro-economist who studied at Oxford, and her, who works for the Irish central bank.
    Both were adamant that there was no crisis brewing. “It is just another bubble”. These are 2 seriously educated and professional people.

    Morgan Kelly was dubbed a rogue economist.
    No wonder the country will be in a state of ruin.

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  • If I’m allowed to promote another site on here, I recommend a look at http://www.thepropertypin.com for news on the Celtic Bubble.

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