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Sat 10 Oct 2008Outcome of bank guarantees abroad may worry taxpayers
The guarantee to banks, which was not the only way to deal with the financial crisis, means the Financial Regulator's negotiating position with those banks is weaker, writes Patrick Honohan
OVER THE past 10 days an astonishing array of different solutions has been adopted by governments to fix problems at major banks in Europe and the US. In terms of the degree to which bank shareholders and other insiders were treated, they vary from the tough, through the measured, to the rather lenient. In terms of protection for the taxpayer, there is a similar variation.
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