Daily commentary: Will Ireland get a bank debt writedown?

My daily commentary is a bit late today. But here are my thoughts. Two articles in today's links talk about European banks nationalised by the state and the consequences of those actions. The one in Iceland shows the government paying off its IMF bailout loan early as the devaluation, bank bankruptcy and capital control regime there look to have stabilised the situation already. Iceland has also already returned the capital markets and received investment grade ratings. In Ireland, the euro has meant devaluation and capital controls were impossible. And here the sovereign took over the bad debts. Now the government is looking to rescind some of that debt. Will they get a green light to do so? They should since Ireland has fulfilled all of its promises of austerity and reform. Yet they do h...


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