The ECB stands behind the Irish banking system

Brian Lenihan reported as stating “The ECB stands behind the Irish banking system and ensures the stability of the Irish banking system” in the Indo. Unless he’s doing a solo run, if the bank guarantee submerges the state financially it’ll be the European’s and not the IMF riding to the rescue (see comments on this thread). Meanwhile, hot on the heels of their recently failed bond auction a British Cabinet Minister states that there is no shame in Britain asking the IMF for help. True, but why say this now?

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