Having handed the keys to Ireland’s silver to the ECB…

MOrgan Kelly is back in the Irish Times telling it like it is. And it’s not pretty. The question of why Fianna Fail/Green government chose to bail out high risk investors in Anglo (that notorious subordinated debt) to the tune of £9 billion is now a mere academic question for historians, or investigative journalists and/or restless bloggers. Ireland PLC no longer has that option. Kelly explains: September marked Ireland’s point of no return in the banking crisis. During that month, …

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Ireland : Why Morgan Kelly is wrong

On Newstalk Radio this morning Professor John Fitzgerald of the ESRI explains why he thinks Morgan Kelly’s analysis of the banking crisis is overly pessimistic and replies to David McWilliams assertion that his growth estimates are ‘horseshit’. John Fitzgerald on Newstalk Radio – his interview starts about 40-41 minutes in. The reasons why he feels Kelly is overly bearish – 1. Fitzgerald argues that there are insolvency issues at Anglo Irish Bank and Irish Nationwide, but that AIB and Bank …

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Ireland – An extraordinary shift in power

Morgan Kelly, in excellent form, produced a tour-de-force in the Irish Times, covering the banking crisis that is sinking us. He reprises the figures from his earlier article on Vox (covered on Slugger here) – Ireland is on course for a debt-to-GNP ratio of 140%. The issue of national sovereignty has for so long been the monopoly of republican headbangers that it is hard to know whether ordinary, sane Irish people still care about it. Either way, we will not …

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Ireland: 2012 – We Were Warned!

Not only by the Mayans – Morgan Kelly is back. This time he estimates that banking losses could turn out to be much more severe than predicted during the Nama debates, which will bring our very own Greek tragedy to our shores. Whatever happened to Ireland? Adding these bank losses to its national debt will leave Ireland in 2012 with a debt-GDP ratio of 115%. But if we look at the ratio in terms of GNP, which gives a more …

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