Irish govt poised for $7 bln bank bailout

Source: Reuters

DUBLIN, Dec 21 (Reuters) - The Irish government is planning to inject a total of around 5 billion euros ($6.98 billion) into the country's three main banks in the first phase of a recapitalisation process, two Irish newspapers said on Sunday.

The move would involve an effective nationalisation of Anglo Irish Bank which has been at the centre of a loans scandal, and significant investment in the two biggest financial institutions, Allied Irish Banks and Bank of Ireland, the papers said, without specifying sources.

Read more: http://uk.reuters.com/article/marketsNewsUS/idUKLL36123320081221

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Iceland collapsed

Brussels is scrambling
http://news.asiaone.com/News/AsiaOne%2BNews/World/Story/A1Story20081221-109369.html">King scrambles to avert crisis

Now Ireland fears that the only difference between it and Iceland is one letter and six months.

In all instances, banking execs have been found to be playing fast and loose with the cash while their banking institutions were burning.

they were all shitting their pants over this. Especially the tech generation who grew up making a lot of money.

they've never known what it was like in the 1980s or before. They have almost lost a complete sense of history is my opinion of this.

A relative just returned after a 4 month stay in Ireland and he said things are very bad there now and not likely to recover anytime soon.

People are now leaving once again sadly.

I remember not too long ago that Ireland was deemed to be the #1 place to live in the world and now we see this. :(

It happened so fast I can barely believe it!

Damn.

:dem: :kick:

Get ahead only to have it snatched away. Sucks.

but this generation has never seen a bust before. The last bust peaked in the early 80's -- it was incredible how quiet the country was. No work, no cars, no young people. Everyone was gone.... the place was so depressing. Then things got better, but the place went to hell. It was like everyone was on a collective bender--drunk off their ear with money, power and prestige. Irish was in.

Now people are driving their over leveraged cars to the airport, leaving them in long term parking, hoping flights to anywhere and walking away from Ireland again. -- Of all my family back there in my generation, of 7 only two are working, one part time one full time, but he's down to his last few days. Two have left the country. The rest are just hanging on living on air.

Still, there's money to cover the bankers. Go figure.