The genesis of the banking guarantee

The Indo are carrying an excerpt from David McWilliams new book (Follow the Money) that details a late night encounter with Brian Lenihan that lead to the Irish Banking Guarantee.

If something radical was not done and done quickly, it was crystal clear to me that the Irish banks would experience a traditional run, with depositors taking out their savings, and the banks would go bust. That one thing, at least, was certain.

The minister walked straight through the hall and headed directly into the kitchen as if he knew where he was going. Jaded, he sat down and turned off his phone.

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Crisis Economics: A Crash Course in the Future of Finance -Nouriel Roubini, Stephen Mihm

Living History 1968-74

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