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Thu 12 Dec 2010Will it work? No. What can Ireland do? Remove the bank guarantee and default
Revoke the guarantee for the banking system and then convert senior and subordinate bondholders into equity holders
THE DEAL is done, but there is no joy. The agreement that was supposed to end the financial crisis gave rise to its next wave. We are now in the unique situation that financial markets are taking a longer term view than national governments.
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