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Wed 03 Mar 2010Nationalisation of banks soon inevitable
A COMMUNITY of economic pointy-heads chortled into their laptops last week. Karl Whelan noted on the Irish Economy blog that one of the slides in Brian Lenihan’s Irish Taxation Institute presentation actually had “Iceland!” on it. Even I, with my Banking 101 pass, got the joke, writes SARAH CAREY
Every time someone asks the Minister for Finance about nationalising AIB and the Bank of Ireland, he claims that when Iceland nationalised its banks, their banking system collapsed. The result was chaos – no cash in the ATMs, the return of bartering, and soaring levels of Omega 3 in one’s diet.
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